(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 BQ Basements & Concrete (“BQ”) on November 3, 2021. BQ is the seventh acquisition completed by Groundworks since Cortec Fund VII’s investment. Terms of the transaction were not disclosed. This is Groundworks’ third acquisition in Pennsylvania this year, following Baker’s Waterproofing in Pittsburgh and I’m the Guy Basements (now Baker’s Waterproofing) in central Pennsylvania.
Founded in 1997 and headquartered in Erdenheim, PA, BQ has more than 95 employees and serves the single-family residential market with a suite of services including basement waterproofing, foundation repair, concrete repair, and other related services.
Virginia Beach, VA-based Groundworks is the nation’s leading foundation and water management solutions company, with a footprint of 41 offices servicing 27 states under 17 locally operated brand names and employing more than 3,500 associates nationwide. BQ represents Groundworks’ 21st acquisition since its inception in 2016.
“This partnership allows us to expand our footprint in the Northeast, which is essential to continuing our mission of developing the first and only national brand in the foundation services industry,” stated Matt Malone, Founder and CEO of Groundworks. “With its longstanding history in one of the largest, most competitive markets in the country, we knew BQ was the right partner to join our growing company. We are committed not only to the aggressive development and expansion of their business, but also providing their employees with significant career growth opportunities.”
“Together with Groundworks, we will continue the legacy of BQ by combining the national strengths and resources of Groundworks with the local experience of our dedicated team of industry experts,” said BQ Founder Brian Quinn. “This partnership is a once in a lifetime opportunity to grow the business, break through old boundaries, and offer our employees more opportunities than ever before.”
Bill Tucker, a Cortec Partner, said, “We are excited to welcome BQ to Groundworks and to continue expanding into Pennsylvania, New Jersey, and Delaware.” Cortec Co-President Dave Schnadig added, “Matt and the Groundworks team have continued to execute strategic acquisitions in 2021 while successfully driving organic growth in the business. We are looking forward to continuing to support Groundworks’ growth.”
About Groundworks
Groundworks® is the nation’s leading foundation and water management solutions company. Headquartered in Virginia Beach, VA, the company provides foundation repair, basement waterproofing, crawl space repair and encapsulation, and concrete lifting services. Groundworks is comprised of AFS Foundation & Waterproofing Specialists™, AquaGuard Foundation Solutions™, Baker’s Waterproofing™, BQ Basements & Concrete™, 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 1975, the combined companies have helped nearly 1.5 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.groundworks.com.
About BQ
Founded in 1997 and headquartered in Erdenheim, PA, BQ is a leading provider of basement waterproofing, foundation repair, concrete repair and other related services in the greater Philadelphia, New Jersey and Northern Delaware. BQ services the single-family residential market, providing a critical suite of services to homeowners which preserve home value, integrity, and safety. More information about BQ can be found at www.basementsbybq.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.
