Two Key Acquisitions bolster portfolio, Position Largest Foundation Services Company for Growth
Norfolk, VA (December 17, 2018) – Succession Capital Partners (SCP) announced today the acquisition of both Independence Materials Group and KBH Management Software under its portfolio company, Groundworks Companies. The acquisitions are considered strategic moves to facilitate the company’s objective of building the first national foundation services company.
Independence Materials Group (“IMG”) based in Columbia, SC. and employing approximately ten people, is a manufacturer and distributor of specialty, patented products for the foundation repair, basement waterproofing and crawl space encapsulation industries.
KBH a software development company known for its product, Biz Wiz, has been the nation’s leading workflow software for home service and foundation repair companies. The software is a unique cloud based, ERP, CRM and business intelligence workflow solution that automates leads, sales, installation, service and accounting. The software was first developed and launched by engineer Jesse Waltz, founder of JES Foundation Repair, initially to serve his own business needs, but quickly grew into a company of its own based on external demand.
“These two acquisitions allow Groundworks to not only vertically integrate, but to also insulate the business from any dependency on outside forces that could interfere with the company’s mission to protect, preserve and repair our customer’s greatest asset; their home,” said Matt Malone, Managing Partner of Succession Capital Partners. “Groundworks is now the only foundation services business in the country with its own manufacturing and world class software solution. This investment pleases Groundworks employees and our investors, ultimately though the biggest benefit will be to our customers.”
Both KBH and IMG will continue to offer the same services its customers have come to know and trust and will be rolling out additional features and offerings in the coming months. KBH will be renamed Bizwiz, after its flagship product.
“This is the seventh Groundworks acquisition in less than three years,” noted Kim McDonald, Partner, SCP. “We are thrilled to leverage these businesses to enhance our portfolio company offerings.”
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, JES Foundation Repair, Independence Materials Group, Mount Valley Foundation Service, Tar Heel Basement Systems, Shipyard Staffing, 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 with its corporate office headquartered in Virginia Beach, VA. Groundworks is comprised of Mount Valley Foundation Services, Tar Heel Basement Systems, JES Foundation Repair, Indiana Foundation Service, and Foundation Recovery Systems. The combined companies have helped over 125,000 homeowners since 1986. Groundworks operates out of fifteen offices that serve Arkansas, Georgia, Indiana, Iowa, Kansas, Maryland, Missouri, North Carolina, South Carolina, Virginia, and West Virginia. The company has been named to the Inc. 5000 Fastest Growing Companies, and Best Places to Work. For more information about Groundworks, please visit www.Groundworkscompanies.com.