KKR has made a significant investment in Groundworks, a foundation repair and water management services company.
Founded in 2016, Groundworks has over 4,000 employees operating in 33 states providing residential foundation and water management services, including foundation repair, basement waterproofing, crawl space repair and encapsulation, plumbing, gutter installation and concrete lifting services. KKR is making the investment primarily through its North America XIII Fund. Cortec Group, Groundworks’ current growth partner, will remain a shareholder in the company and member of the board of directors.
“KKR is the ideal strategic partner as we enter the next chapter of evolving this industry given their experience and strong track record in supporting growth-oriented companies, extensive global resources, and our shared culture and values,” comments Matt Malone, founder and CEO of Groundworks. “The strategic partnership enables Groundworks to further invest in our predominantly blue-collar workforce with equity-sharing programs that will allow every colleague to participate in the success they help to create.”
Harris Williams LLC served as financial advisor and Paul Hastings LLP served as legal counsel to Groundworks. Deutsche Bank Securities Inc. and William Blair & Company LLC served as buyside financial advisors and Simpson Thacher & Bartlett LLP served as legal counsel to KKR.