Norfolk, VA (Jan. 6, 2019) – Succession Capital Partners Portfolio Company, Groundworks®, the nation’s largest foundation services company, announced today the acquisition of Foundation Repair of Western Colorado® (FRWC), expanding its ability to serve customers across Colorado.
Groundworks continues to disrupt the foundation services industry, ushering in the new year with the acquisition of FRWC. FRWC is the eighth company to be acquired by Groundworks in the past 12 months. Building on Groundworks’ success in Colorado since the acquisition of Complete Basement Systems® (CBS) in May, FRWC allows Groundworks to serve customers on the western slope of the Rocky Mountains and into Utah.
The acquisition quickly follows a recent announcement of plans to open a new CBS location in Colorado Springs, allowing the company to better serve customers in the southern portion of Colorado.
FRWC, headquartered in Grand Junction, Colorado, was founded in 2005 by Ted Munkres. Munkres, previously a land developer and home builder saw the need for foundation repair services in the area. Since its founding, FRWC has gone on to receive numerous recognitions for excellence.
“It is truly an honor to have an expert like Ted choose to join the Groundworks family,” said Matt Malone, Managing Partner of SCP. “Ted has built an outstanding team of foundation services experts and we look forward to providing them with additional opportunities for growth. We are thrilled to welcome them to our growing organization.”
Munkres stated “I chose to partner with Groundworks so that my employees here at FRWC would have access to world-class resources and opportunities that alone, I couldn’t have provided. Groundworks understands the legacies of the companies they partner with. This partnership makes the futures of my team brighter than ever.”
FRWC’s employees will now have the ability to grow professionally within Groundworks and its 14 brands. The company will continue to serve the Grand Junction community as Foundation Repair of Western Colorado®. Munkres plans to retire following the transition, but as a company founder, he will continue to share his expertise in foundation services as a consultant.
About Succession Capital
Succession Capital is the only professional buy-out firm headquartered in the Virginia Beach/Norfolk area. Succession owns A-1 Plumbing, Foundation Recovery Systems, BizWiz Management Systems, Complete Basement Systems, Hayes Software Systems, Indiana Foundation Service, Independence Materials Group, Innovative Basement Authority, JES Foundation Repair, Mount Valley Foundation Service, Ohio Basement Authority, Ohio Basement Systems, PetroChem Recovery Services, Shipyard Staffing, Tar Heel Basement Systems, and Groundworks Companies. For more information about Succession Capital Partners, please visit https://www.successioncp.com/
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 Complete Basement Systems®, Florida Foundation Authority™, Foundation Recovery Systems™, Foundation Repair of Western Colorado™, 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 over 250,000 homeowners protect and repair their most valuable asset, their home. Groundworks operates over twenty offices that serve Arkansas, Colorado, Florida, Georgia, Indiana, Illinois, Iowa, Kansas, Maryland, Minneapolis, Missouri, Montana, Nebraska, North Carolina, North Dakota, Ohio, South Carolina, Virginia, West Virginia, and Wisconsin. The company has been named numerous times to the Inc. 5000 Fastest Growing Companies and Best Places to Work. For more information about Groundworks, please visit https://www.GroundworksCompanies.com.
About Foundation Repair of Western Colorado
Foundation Repair of Western Colorado is a licensed contractor providing basement waterproofing, foundation repair, crawl space repair, and concrete lifting services. They have been performing basement waterproofing and crawl space repair in Colorado and Utah since 2005. For more information please visit https://www.FoundationRepairWesternColorado.com/.
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