Harris Williams Advises Groundworks on its Growth Capital Partnership with Cortec Group
January 21 2020 - 3:15PM
Business Wire
Harris Williams, a global investment bank specializing in
M&A advisory services, announces that it advised Groundworks, a
portfolio company of Succession Capital Partners (Succession) and
Matt Malone, Groundworks founder and CEO, on their growth capital
partnership with Cortec Group (Cortec). Groundworks is the nation’s
largest privately-held residential foundation services company and
a rapidly growing residential services platform. The transaction
was led by John Neuner, Brent Spiller, Zach Ledwith and Dylan
Digmon of the Harris Williams Consumer Group. As part of the
transaction, Succession will remain an investor in the company and
Matt Malone will continue as CEO.
“We are excited to have seen first-hand the incredible platform
that Founder and CEO Matt Malone and his team have put together.
Through its relentless dedication to its customers and employees,
the Groundworks team is well on its way to becoming the first
national foundation services player,” said John Neuner, a managing
director at Harris Williams. “We are proud to have found the
Groundworks team a fantastic partner in Cortec as they begin the
next chapter of growth together.”
“Groundworks is a unique company that is not just rapidly
growing, but evolving an industry. The company’s differentiated
business model, scalable infrastructure and passionate team
position the business for continued growth. It is an honor to have
led another marquee residential services transaction which
represents our fifth deal in the space over the last 18 months. We
look forward to extending our deep track record in this dynamic
sector,” added Brent Spiller, a managing director at Harris
Williams.
Groundworks is the nation’s largest privately-held residential
foundation services company. Headquartered in Virginia Beach,
Virginia, the company provides foundation repair, basement
waterproofing, crawl space repair and encapsulation, and concrete
lifting. Groundworks is comprised of Complete Basement Systems®,
Florida Foundation Authority™, Foundation Recovery Systems™,
Foundation Repair of Western Colorado, 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 over 250,000 homeowners
protect and repair their most valuable asset, their home.
Groundworks operates over 20 offices that serve Arkansas, Colorado,
Florida, Georgia, Indiana, Illinois, Iowa, Kansas, Maryland,
Minneapolis, Missouri, Montana, Nebraska, North Carolina, North
Dakota, Ohio, South Carolina, Virginia, West Virginia and
Wisconsin. The company has been named to the Inc. 5000
fastest-growing private companies list and received the Inc. Best
Workplaces award numerous times.
Since 2009, Succession has specialized in partnering with
family-owned, blue-collar business owners seeking to transition out
of their businesses while looking to protect their employees and
business legacy. Unlike traditional private equity firms, the
Succession investment approach includes the investment team running
the business day to day.
Founded in 1984, Cortec teams with entreprenuer/founders and
management to invest in high value-added, middle market consumer,
healthcare, distribution, and other specialty services and products
businesses, with a focus on teams who want to work with Cortec to
drive growth and improve business fundamentals.
Harris Williams, an investment bank specializing in M&A
advisory services, advocates for sellers and buyers of companies
worldwide through critical milestones and provides thoughtful
advice during the lives of their businesses. By collaborating as
one firm across Industry Groups and geographies, the firm helps its
clients achieve outcomes that support their objectives and
strategically create value. Harris Williams is committed to
execution excellence and to building enduring, valued relationships
that are based on mutual trust. Harris Williams is a subsidiary of
the PNC Financial Services Group, Inc. (NYSE: PNC).
The Harris Williams Consumer Group has completed more than 60
transactions in recent years across a variety of verticals,
including branded consumer products; consumer services; food,
beverage and agribusiness; and restaurant and retail. For more
information on the Harris Williams Consumer Group and other recent
transactions, visit the Consumer Group’s section of the Harris
Williams website.
Harris Williams LLC is a registered broker-dealer and member of
FINRA and SIPC. Harris Williams & Co. Ltd is a private limited
company incorporated under English law with its registered office
at 5th Floor, 6 St. Andrew Street, London EC4A 3AE, UK, registered
with the Registrar of Companies for England and Wales (registration
number 07078852). Harris Williams & Co. Ltd is authorized and
regulated by the Financial Conduct Authority. Harris Williams &
Co. Corporate Finance Advisors GmbH is registered in the commercial
register of the local court of Frankfurt am Main, Germany, under
HRB 107540. The registered address is Bockenheimer Landstrasse
33-35, 60325 Frankfurt am Main, Germany (email address:
hwgermany@harriswilliams.com). Geschäftsführer/Directors: Jeffery
H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a
trade name under which Harris Williams LLC, Harris Williams &
Co. Ltd and Harris Williams & Co. Corporate Finance Advisors
GmbH conduct business.
For media inquiries, please contact Katie Langemeier, associate
brand manager, at +1 (804) 915-0179.
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version on businesswire.com: https://www.businesswire.com/news/home/20200121006023/en/
Katie Langemeier, associate brand manager, at +1 (804)
915-0179
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