Groundworks Acquires North Carolina’s Dry Pro Foundation and Crawlspace Specialists
January 6, 2021
18th Acquisition Since 2016 Advances Groundworks’ Mission to Build a National Footprint
VIRGINIA BEACH, VA – Groundworks Companies®, the country’s largest privately-owned foundation services company, today announced its 18th acquisition since 2016 with the addition of North Carolina’s Dry Pro Foundation and Crawlspace Specialists to its portfolio.
Groundworks’ footprint now spans 24 states, 35 offices, with over 3000 employees, and over $500 million in annual revenue under 16 locally operated brand names. Groundworks continues making rapid progress toward creating the first national brand providing residential water management services including foundation repair, basement waterproofing, crawl space repair, water management systems, and concrete lifting.
Dry Pro is a market-leading, 150-employee foundation services company that has served the greater Charlotte, NC area since 1999. Partnering with Groundworks will give the company access to capital to expand, a national warranty that transfers when a home is sold, enhanced employee training and development, and new technologies benefiting both customers and employees. Like all members of the Groundworks family, Dry Pro will retain its brand identity to preserve the consumer recognition and goodwill established over its 22 years in business.
“We are thrilled about the addition of the Dry Pro team to the Groundworks Tribe of companies. I have known Ron and Holly for many years and during that time, I have witnessed their development of the world-class operation and the team they have built in the Greater Charlotte area.” Stated Matt Malone, Founder and CEO of Groundworks Companies. "Forging this partnership is another important step in our effort to continue building our national platform which provides industry-leading water management services along with career advancement opportunities for our dedicated team of employees. Dry Pro’s presence in the greater Charlotte area solidifies our coverage throughout the Carolinas.”
“This partnership with Groundworks will offer the Dry Pro family new opportunities that we have never imagined. In the past 21 years, we have seen record growth and we have come to realize that we are more than just a Foundation, Waterproofing, and Structural repair company. We have formed a relationship with our customers by building a family of inspired employees. We see this same belief in all 3,000 Groundworks employees. I am proud of the future this will create for the Dry Pro family for generations to come,” stated Ron Weatherly, Founder Dry Pro Foundation and Crawlspace Specialists.
Groundworks began acquiring strong local brands in May 2016 to bring the fragmented foundation services industry under a single national umbrella. Groundworks has continued their acquisition process as well as its organic expansion through a partnership it formed in January 2020 with the Cortec Group, a multibillion-dollar private equity firm.
The transaction closed on December 31, 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®, Dry Pro Foundation & Crawlspace Specialists™, 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 35 offices that serve Alabama, Arkansas, Colorado, Florida, Georgia, Indiana, Illinois, Iowa, Kansas, Maryland, Michigan, Minnesota, 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.
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