Norfolk, VA (May 20, 2019) Succession Capital Partners (SCP) announced today that under the banner of its portfolio company Groundworks Companies, the acquisition of Rod Martin’s Complete Basement Systems (CBS), headquartered in Denver, CO. This is the largest acquisition for Groundworks to date. The new partnership, the seventh in three years, is particularly significant for the role that CBS is expected to play in Groundworks’ future western expansion.
Founded in 1999, Rod Martin’s Complete Basement Systems of Colorado has been the leading provider of foundation repair services to homeowners for over 20 years. During this time CBS has received numerous awards in recognition of outstanding service throughout the greater Denver area.
Despite CBS’ success, externally imposed geographic constraints limited the company’s further growth and Martin desired more for his company and its employees. By joining with Groundworks Companies, CBS now has the freedom to grow well beyond Denver.
“This opportunity to partner with Groundworks is the path to our future success. It will be a huge benefit to the customers who have grown to trust our brand and there are now opportunities for our employees that I previously couldn’t provide,” said Martin. “The Groundworks management team has over 75 years of expertise in the home services industry, its own ERP software, and a vertically integrated supply chain. This support allows us, now more than ever, to put the customer first and deliver exceptional services we can be proud to stand behind. This is the type of organization I have dreamed of working with, the possibilities are almost overwhelming.”
The company will continue to operate as Complete Basement Systems and plans to retain its staff of over 100 people. Setting the stage for the future, a completely refreshed corporate identity has been revealed including an updated logo, website, marketing materials, and fleet vehicles.
“This acquisition is more than Groundworks adding another successful brand to the family of foundation experts,” said Matt Malone,
Managing Partner of SCP. “Denver will serve as the West Coast headquarters and the tactical operations center for our continued expansion across the United States. Rod has assembled a talented team that we look to grow, invest in and mentor. While we are excited to add the Complete Basement Systems brand to our family of companies, we are truly thrilled to add Rod Martin and his team to the Succession Capital Partners portfolio.”
Like Martin, Malone believes that supporting a world-class employee culture is of paramount importance to a customer-centric business model. Both believe this is achieved by investing in training infrastructure, merit-based compensation programs, and through active community involvement and giving. “Business is the ultimate team sport. It takes consistent dedication, ongoing improvement, continued investment in professional development and most importantly, a willingness of every team member to do the hard work. Philosophically, Rod and I share a strong conviction in developing and empowering our team,” Malone stated.
“The untapped potential within the CBS company and its employees is a driving force for this expansion,” noted Mike Irby, SCP Partner. “This venture will give us both the freedom to grow. Together, we will unlock the potential of many untapped areas. Rod shared that what he thought would take him five to 10 years to accomplish, could now be reached in one to two. This is the potential our system has shown to provide each company and its employees that have joined us for this journey.”
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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 Foundation Recovery Systems, Indiana Foundation Service, JES Foundation Repair, Mount Valley Foundation Services and Tar Heel Basement Systems. Since 1986, the combined companies have helped over 125,000 homeowners. 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 http://www.Groundworkscompanies.com.
About Complete Basement Systems
Rod Martin’s Complete Basement Systems is a local, family-owned and operated company dedicated to fixing basement, foundation, crawl space, and concrete problems. Founded in 1999, the company has been serving business and residential customers of the Greater Denver area for over 20 years, having been recognized by the BBB for ethics and named a Best Places to Work company.
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