(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 Peak Structural (“Peak”) on April 4, 2022. Peak is the tenth acquisition completed by Groundworks since Cortec Fund VII’s investment. Terms of the transaction were not disclosed.
Founded in 2002 by Paul and Lisa Sutton, Peak serves the single-family residential market in Denver and Colorado Springs with a suite of services including foundation repair, concrete lifting, crawlspace encapsulation, basement waterproofing, and other related services. To better serve customers in Colorado, Groundworks also announced that its two other Colorado-based companies, Complete Basement Systems and Foundation Repair of Western Colorado, will unite with Peak under one brand, Groundworks®. Together, the three award-winning local companies with four locations throughout the state will form the largest and most reputable foundation services company in Colorado, offering homeowners unmatched customer service, industry-leading foundation solutions, and a nationally backed warranty program.
Virginia Beach, VA-based Groundworks is the nation’s leading foundation and water management solutions company, with a footprint of over 45 offices servicing 28 states and employing approximately 4,000 associates nationwide. Peak represents Groundworks’ 24th acquisition since its inception in 2016.
“Acquiring Peak will further solidify our market presence in Colorado”, stated Matt Malone, Founder and CEO of Groundworks. “By merging these three strong companies, we bring together over 60 years of local history and expertise to best serve our customers in the region with the finest foundation and water management solutions in the industry and provide our employees significant potential for growth.”
“We started and grew Peak with a mission to protect our customers’ home values while growing the careers of our employees. This decision was made with both of those objectives in mind,” said Paul Sutton, Founder of Peak. “Bringing together three of the best companies in the state with national-level funding, training, and supply chain resources means more resources to help a greater number of customers while providing exponential career development opportunities for our employees. Colorado homeowners will benefit from the best-of-the-best working on their homes.”
Bill Tucker, a Cortec Partner, said, “We are excited for Groundworks’ partnership with Peak and the opportunity to combine three leading companies in Colorado under the Groundworks brand.” Cortec Co-President Dave Schnadig added, “Matt and the Groundworks team have started the year strong with their execution of strategic acquisitions while driving organic growth in the business. We continue to support the team in building a unique home services platform.”
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 over 45 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.groundworks.com.
About Peak
Headquartered in Denver, CO, Peak is a leading provider of foundation repair, concrete lifting, crawlspace encapsulation, basement waterproofing and other related services in Denver and Colorado Springs. Peak services the single-family residential market, providing a critical suite of services to homeowners which preserve home value, integrity, and safety. More information about Peak can be found at www.peakstructural.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.
