(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 Baker’s Waterproofing (“Baker’s”) on May 14, 2021. Baker’s is the fifth acquisition completed by Groundworks since Cortec Fund VII’s investment. Terms of the transaction were not disclosed.
Founded in 1975 and headquartered in Pittsburgh, PA, Baker’s has more than 85 employees and serves the single-family residential market with a suite of services including basement waterproofing, foundation repair, concrete lifting, and other related services.
Virginia Beach, VA-based Groundworks is the nation’s leading vertically integrated foundation services company, with a footprint of 40 offices servicing 27 states under 17 locally operated brand names and employing more than 3,200 associates. Baker’s represents Groundworks’ nineteenth acquisition since its inception in 2016 and expands the company’s presence into Pennsylvania and West Virginia.
“We are excited about the addition of Baker’s Waterproofing to Groundworks. Brian and his team have shown that the quality of service they provide is superior to that of all other brands in their region and that customer satisfaction is essential to their company beliefs. This aligns perfectly with the culture of Groundworks,” stated Matt Malone, Founder and CEO of Groundworks. “It is no coincidence we selected Baker’s as our first partner to expand into the Northeast. As we solidify our reach across the nation, this region is one in which we see the opportunity for continued growth. We will continue to grow our national platform to provide industry-leading foundation repair and water management services, along with career advancement opportunities and world-class training for our dedicated team of employees.”
“I’m so proud of the business my family and team has built over the last 46 years at Baker’s,” said Brian Baker. “This partnership will ensure the legacy of serving our customers past and future will continue at the standard of excellence we are known to deliver, while our employees will now have new opportunities for their careers. I know that the next 50 years will prove to be even more exciting for our company as we are now part of Groundworks.”
Bill Tucker, a Cortec Partner, said, “Groundworks continues to deliver strong organic growth while meaningfully expanding through acquisition. Matt and the Groundworks team have consistently been successful in finding and integrating new brands to the platform.” Cortec Co-President Dave Schnadig added, “We’re excited to welcome Baker’s to Groundworks and to continue expanding into new markets. We are continually impressed by the Groundworks senior leadership team’s hard work and collaboration and look forward to further building the company in 2021 and beyond.”
About Groundworks
Groundworks® is the nation’s largest privately held foundation services company. Headquartered in Virginia Beach, VA, the company provides foundation repair, basement waterproofing, crawl space repair and encapsulation, and concrete lifting. Groundworks is comprised of AFS Foundation & Waterproofing Specialists™, AquaGuard Foundation Solutions™, Baker’s Waterproofing™, Complete Basement Systems®, Dry Pro Foundation & Crawlspace Specialists™, 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™. Since 1986, the combined companies have helped nearly one million homeowners protect and repair their most valuable asset, their home. Groundworks has been named numerous times to the Inc. 5000 fastest growing companies, BBB® integrity award, and Best Places to Work™ lists. For more information, visit www.groundworkscompanies.com.
About Baker’s Waterproofing
Founded in 1975 and headquartered in Pittsburgh, PA, Baker’s Waterproofing is a leading provider of basement waterproofing, foundation repair and concrete lifting services throughout Pennsylvania, West Virginia, and Ohio. Baker’s services the single-family residential market, providing a critical suite of services to homeowners which preserve home value, integrity, and safety. More information about Baker’s can be found at www.bakerswaterproofing.com.
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.
