(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm that focuses on investing in and growing entrepreneur-led and family-owned middle market specialty consumer, business-to-business, distribution and healthcare services, and products companies, announced that Groundworks, LLC (“Groundworks”), in which Cortec Group Fund VII, L.P. (“Cortec Fund VII”) made a significant growth capital investment on January 17, 2020, acquired AquaGuard Foundation Solutions (“AquaGuard”) on December 10, 2020. AquaGuard is the third acquisition completed by Groundworks since Cortec’s investment earlier this year. Terms of the transaction were not disclosed.
Founded in 1995 and headquartered in Atlanta, GA, AquaGuard has over 200 employees and serves the single-family residential market with a suite of services including basement waterproofing, foundation repair, concrete support, gutter repair, and other related services.
Virginia Beach, VA-based Groundworks is the nation’s leading vertically integrated foundation services company, with a footprint of 35 locations servicing 24 states under 16 locally operated brand names and employing more than 2,800 associates. AquaGuard represents Groundworks’ seventeenth acquisition since its inception in 2016 and strengthens Groundworks’ existing presence in the Southeast while providing a platform for additional expansion in the region.
“AquaGuard is the strongest foundation repair company in the state of Georgia and we are honored to have this very fine business join Groundworks. Under Tom DiGregorio and Joe Rusk’s leadership, AquaGuard has built an exceptionally skilled team of professionals and a brand known for its quality service and experience protecting consumers’ homes,” said Matt Malone, Founder and CEO of Groundworks. “It is our mission to offer our industry-leading water management systems to every customer in the nation, while also building a unique company that provides our skilled tradesmen and women a career platform for advancement, and not just a job. AquaGuard’s leadership in Georgia solidifies our coverage in the state as well as the Southeast.”
Tom DiGregorio, Founder and CEO of AquaGuard, stated: “Joining the Groundworks platform will provide AquaGuard with resources to foster continued expansion in the Greater Atlanta area and beyond. We chose to partner with Groundworks because we share core values and a have a shared vision for the future of the industry.” Joe Rusk, COO of AquaGuard, added, “We are thrilled about this partnership with Groundworks and excited to accelerate AquaGuard’s growth as part of the Groundworks platform.”
Bill Tucker, a Cortec Partner, said “throughout this unusual year, Matt and Groundworks’ leadership team have continued to meaningfully grow the core business while adding a number of leading brands to the platform. We’re deeply appreciative of their hard work and collaboration.” Cortec Co-President Dave Schnadig added, “We are excited to welcome AquaGuard to Groundworks, we look forward to building our presence in Georgia, and we continue to be enthusiastic supporters of Groundworks’ senior leaders in building the company.”
About Groundworks
Groundworks is the nation’s largest privately held foundation services company and is comprised of leading local brands, including AFS Foundation & Waterproofing Specialists™, AquaGuard Foundation Solutions®, Complete Basement Systems®, Florida Foundation Authority™, Foundation Recovery Systems™, Foundation Repair of Western Colorado®, Foundation Systems of Michigan, Indiana Foundation Service™, Innovative Basement Authority™, JES Foundation Repair™, Mount Valley Foundation Services®, Ohio Basement Authority™, Ohio Basement Systems™, Tar Heel Basement Systems®, A-1 Sewer & Drain™, Independence Materials Group™, and Bizwiz Software™. Groundworks has been named to the Inc. 5000 Fastest Growing Companies and Best Places to Work numerous times. More information about Groundworks can be found at www.groundworks.com.
About AquaGuard
Founded in 1995 and headquartered in Atlanta, Georgia, AquaGuard is a leading provider of waterproofing, foundation repair, concrete support, and gutter repair services throughout greater Atlanta and Northern Georgia. AquaGuard services the single-family residential market, providing a critical suite of services to homeowners which preserve home value, integrity and safety. More information about AquaGuard can be found at https://www.aquaguard.net/.
About Cortec
Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare, and specialty services and products businesses in partnership with entrepreneurs, families, and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.
