(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 Foundation Support Specialists (“FSS”) on July 14, 2022. FSS is the twelfth acquisition completed by Groundworks since Cortec Fund VII’s investment. Terms of the transaction were not disclosed.
Founded in 2017 by Brian Holt and Richard Reed, FSS provides foundation repair, crawlspace encapsulation, concrete leveling and lifting, waterproofing, and other related services throughout San Antonio and Austin, TX.
Virginia Beach, VA-based Groundworks is the nation’s leading foundation and water management solutions company, with a footprint of 51 offices servicing 33 states and employing over 4,300 associates. FSS represents Groundworks’ 26th acquisition since its inception in 2016.
“With this acquisition, Groundworks enters the attractive Texas market. For years, Texans have been underserved with cheap, low quality concrete foundation solutions”, stated Matt Malone, Groundworks Founder and CEO. “Despite being only five years old, FSS has been delivering high-quality steel pier solutions for consumers in San Antonio and Austin. We look forward to quickly expanding FSS across the state to deliver a new standard of excellence.”
“By joining forces with Groundworks, we will continue to deliver on our record of success as well as be able to pursue many new and exciting growth initiatives in the future, said Co-Founder Brian Holt. Co-Founder Richard Reed said, “We look forward to joining our talented new colleagues at Groundworks who have achieved remarkable growth by putting people first. That’s exactly what we are going to continue to do for our employees and customers.”
Bill Tucker, a Cortec Partner, said, “We are excited to welcome FSS to Groundworks and expand into Texas, a key market for our future growth plans.”
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 in 51 offices, serves customers in 33 states 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 the Groundworks website.
About FSS
Headquartered in San Antonio, TX, FSS is a leading provider of foundation repair, concrete leveling and lifting, crawlspace encapsulation, waterproofing, and other related services throughout San Antonio and Austin, TX. FSS primarily serves residential customers, providing a critical suite of services to homeowners which preserve home value, integrity, and safety. More information, visit the FSS website.
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.
