(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 Basement Systems of West Virginia on July 1, 2022. The company will now operate as Basement Authority of West Virginia (“BAWV”) and will significantly expand and bolster the Groundworks service area throughout the state. BAWV is the eleventh acquisition completed by Groundworks since Cortec Fund VII’s investment. Terms of the transaction were not disclosed.
Founded in 2003 by Pat and Ricki Edwardson, BAWV specializes in basement waterproofing, foundation repair, crawlspace encapsulation, concrete leveling and lifting, and other related services. BAWV primarily serves residential customers throughout the greater Charleston, WV region, offering unmatched customer service and industry-leading solutions for nearly 20 years.
Virginia Beach, VA-based Groundworks is the nation’s leading foundation and water management solutions company, with a footprint of 50 offices servicing 32 states and employing over 4,300 associates. BAWV represents Groundworks’ 25th acquisition since its inception in 2016.
“We are thrilled to welcome the team at BAWV to be a part of our mission,” stated Matt Malone, Groundworks Founder and CEO. “As we continue to evolve an industry, this acquisition was strategic. Expansion to the great state of West Virginia was a natural step for Groundworks.”
“With our sights set on protecting our customers’ homes while growing the careers of our employees, we are thrilled to join the Groundworks family. Their world-class employee training, resources for brand expansion and superior products will provide us with enhanced solutions to help more customers and create exponential career development opportunities for our employees,” said Founder Ricki Edwardson.
“By combining the national strength and resources of Groundworks with the local experience of our dedicated team of industry experts, we will be able to expand our reach and take advantage of new market dynamics,” said Founder Pat Edwardson.
Bill Tucker, a Cortec Partner, said, “We are excited to welcome BAWV to Groundworks and expand into West Virginia.”
About Groundworks
Groundworks®, headquartered in Virginia Beach, VA, is the nation’s leading and fastest-growing foundation and water management solutions company. The company provides residential foundation and water management solutions, including foundation repair, basement waterproofing, crawl space repair and encapsulation, plumbing, gutters installation and concrete lifting services. Since inception, the combined Groundworks brands have helped nearly 1.5 million homeowners protect and repair their most valuable asset, their home. Groundworks operates 50 offices and has been named numerous times to the Inc. 5000 Fastest Growing Companies, Qualified Remodeler Top 500, BBB integrity award, and Best Places to Work. For more information, visit www.groundworkscompanies.com.
About BAWV
Headquartered in Clarksburg, WV, BAWV is a leading provider of basement waterproofing, foundation repair, crawlspace encapsulation, concrete leveling and lifting and other related services throughout the greater Charleston, WV region. BAWV primarily serves residential customers, providing a critical suite of services to homeowners which preserve home value, integrity, and safety. More information about BAWV can be found at www.basementauthorityofwv.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.
