PE Deals

KKR invests in foundation repair company Groundworks

Groundwork's existing backer Cortec Group will remain an important shareholder in the company and member of the board of directors.

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  • This deal is expected to close in the first quarter of 2023
  • Harris Williams LLC served as financial advisor to Groundworks while Paul Hastings LLP served as legal counsel
  • Deutsche Bank Securities Inc. and William Blair & Company, LLC served as buyside financial advisors to KKR and Simpson Thacher & Bartlett LLP served as legal counsel

KKR has made a “significant” investment in Virginia Beach, Virginia-based Groundworks, a foundation repair and water management services company. Groundwork’s existing backer Cortec Group will remain an important shareholder in the company and member of the board of directors.

No financial terms were disclosed.

Groundworks was founded in 2016. Currently, the company’s brands have served over one million customers in the U.S.

“Groundworks provides essential and highly technical services to homeowners across the country, with a differentiated business model and focus on customer excellence,” said Felix Gernburd, partner at KKR, in a statement. “We’re thrilled to support Matt and the entire Groundworks team as they continue to build on their industry-leading position.”

This deal is expected to close in the first quarter of 2023.

Harris Williams LLC served as financial advisor to Groundworks while Paul Hastings LLP served as legal counsel. 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.