Harris Williams Advises Groundworks on its Growth Capital Partnership with Cortec Group

RICHMOND, Va.--(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: [e-mail]). 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.

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