Cortec-backed Groundworks buys Dry Pro

Groundworks, which is backed by Cortec Group, has acquired Charlotte, North Carolina-based Dry Pro, a provider of waterproofing, foundation repair, concrete support, and gutter repair services.

Groundworks, which is backed by Cortec Group, has acquired Charlotte, North Carolina-based Dry Pro, a provider of waterproofing, foundation repair, concrete support, and gutter repair services. No financial terms were disclosed.

PRESS RELEASE

(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm that focuses on investing in and growing entrepreneur-led and family-owned middle market specialty consumer, business-to-business, distribution and healthcare services and products companies, announced that Groundworks, LLC (“Groundworks”), in which Cortec Group Fund VII, L.P. (“Cortec Fund VII”) made a significant growth capital investment on January 17, 2020, acquired Dry Pro Foundation & Crawlspace Specialists (“Dry Pro”) on December 31, 2020. Dry Pro is the fourth acquisition completed by Groundworks since Cortec’s investment. Terms of the transaction were not disclosed.

Founded in 1998 and headquartered in Charlotte, NC, Dry Pro has more than 150 employees and serves the single-family residential market with a suite of services including basement waterproofing, foundation repair, concrete support, gutter repair and other related services.

Virginia Beach, VA-based Groundworks is the nation’s leading vertically integrated foundation services company, with a footprint of 36 locations servicing 24 states under 16 locally operated brand names and employing more than 3,000 associates. Dry Pro represents Groundworks’ eighteenth acquisition since its inception in 2016 and strengthens the company’s existing presence in North and South Carolina while providing a platform for additional expansion in the region.

“We are thrilled about the addition of the Dry Pro team to Groundworks. I have known Ron and Holly Weatherly for many years and during that time have witnessed the development of the world-class operation and team they have built,” stated Matt Malone, Founder and CEO of Groundworks. “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.”

Ron Weatherly, Founder and CEO of Dry Pro, stated: “The partnership with Groundworks offers the Dry Pro family new opportunities that we have never imagined. In the past 21 years, we have seen record growth and 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 in all 3,000 Groundworks employees as well. I am proud of the future this will create for Dry Pro for many years to come.”

Bill Tucker, a Cortec Partner, said “Groundworks had an incredible year of growth in 2020, both within the core business and through the four brands we acquired. Matt and the Groundworks team have consistently over-delivered, and we are grateful for their hard work and highly collaborative approach.” Cortec Co-President Dave Schnadig added, “We’re excited to welcome Dry Pro to Groundworks and to end the year strongly with another acquisition of a leading brand. We are eager to continue supporting Groundworks’ senior leadership in building the company in 2021 and beyond.”

About Groundworks
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 one million homeowners protect and repair their most valuable asset, their home. Groundworks has been named numerous times to the Inc. 5000 fastest growing companies, BBB® integrity award, and Best Places to Work™ lists. For more information, visit www.groundworkscompanies.com.

About Dry Pro
Founded in 1998 and headquartered in Charlotte, North Carolina, Dry Pro is a leading provider of waterproofing, foundation repair, concrete support, and gutter repair services throughout the greater Charlotte area. Dry Pro services the single-family residential market, providing a critical suite of services to homeowners which preserve home value, integrity and safety. More information about Dry Pro can be found at www.dryprosystems.com/.

About Cortec
Founded in 1984, Cortec invests in market-leading, middle-market specialty consumer, distribution, healthcare and specialty services and products businesses in partnership with entrepreneurs, families and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.