Groundworks Acquires Georgia’s AquaGuard Foundation Solutions
December 14, 2020
17th Acquisition Since 2016 Marks Groundworks’ Latest Step in Building a National Footprint
VIRGINIA BEACH, VA (Dec. 14, 2020) – Groundworks Companies®, the nation’s largest privately-owned foundation services company, today announced the acquisition of Georgia’s AquaGuard Foundation Solutions. The Groundworks portfolio now spans 24 states, 3000 employees, and $500 million in annual revenue, reflecting continued progress in its mission of creating the first national brand to provide foundation repair, basement waterproofing, crawl space repair, and concrete lifting.
AquaGuard is Georgia’s leading foundation services company with over 230 employees and coverage across key parts of the state, including Atlanta, which Groundworks does not currently serve. AquaGuard is headquartered in the Greater Atlanta area. Like other members of the Groundworks family, the company will retain its brand identity to preserve consumer recognition and goodwill established during its long 25-year history. Through this partnership, AquaGuard will gain access to capital to expand, a national warranty that transfers when a home is sold, enhanced employee training and development, and new technologies that will benefit customers and employees alike.
Groundworks began acquiring portfolio companies in May 2016 to bring the fragmented foundation services industry under a single national umbrella. The acquisition process, as well as Groundworks’ organic expansion, was accelerated by a partnership with the Cortec Group, a multi-billion-dollar private equity firm, that began in January 2020.
“AquaGuard is the most dominant foundation repair company in the state of Georgia, and we are honored for them to join the Groundworks Tribe. What Tom has built over the last two and a half decades stands as a true testament to his commitment to hire, train and develop a world-class team. The over 230 employees have shown not only their excellence in assisting customers but a commitment to integrity,” said Matt Malone Founder & CEO of Groundworks Companies. “It is our mission to offer our industry-leading water management systems to every customer in the nation, while also building a unique Company that provides our skilled tradesmen and women a career platform for advancement and not just a job. AquaGuard's presence in Georgia solidifies our coverage in the state as well as the Southeast.”
“I’m so proud of what we have built over the last 25 years at AquaGuard, and I know that the next 25 years will prove to be even more exciting for our company as we become part of Groundworks,” said Tom DiGregorio, Founder of AquaGuard Foundation Solutions. “This partnership will ensure the legacy and the service level our customers are accustomed to receiving from AquaGuard will remain the same, while our employees will now have a new incredible amount of growth and opportunity for their professional careers.”
The transaction closed on December 11, 2020. Financial details were not disclosed.
Groundworks® is the nation’s largest privately held foundation services company. Headquartered in Virginia Beach, VA, the company provides foundation repair, basement waterproofing, crawl space repair and encapsulation, and concrete lifting. Groundworks is comprised of AFS Foundation & Waterproofing Specialists™, AquaGuard Foundation Solutions™, Complete Basement Systems®, 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 1986, the combined companies have helped nearly 1 million homeowners protect and repair their most valuable asset, their home. Groundworks operates over 30 offices that serve Alabama, Arkansas, Colorado, Florida, Georgia, Indiana, Illinois, Iowa, Kansas, Maryland, Michigan, Minneapolis, Missouri, Mississippi, Montana, Nebraska, North Carolina, North Dakota, Ohio, South Carolina, Tennessee, Virginia, West Virginia, and Wisconsin. The company has been named numerous times to the Inc. 5000 Fastest Growing Companies, BBB integrity award, and Best Places to Work. For more information, visit https://www.GroundworksCompanies.com.