Cortec Group-backed Groundworks has acquired BQ Basements & Concrete (BQ). BQ is the seventh acquisition completed by Groundworks since Cortec Fund VII’s investment in January 2020. Terms of the transaction have not been disclosed.
This is Groundworks’ third acquisition in Pennsylvania this year, following Baker’s Waterproofing in Pittsburgh and I’m the Guy Basements (now Baker’s Waterproofing) in central Pennsylvania.
Founded in 1997 and headquartered in Erdenheim, PA, BQ has more than 95 employees and serves the single-family residential market with a suite of services including basement waterproofing, foundation repair, concrete repair and other related services.
Virginia Beach, Virginia-based Groundworks is a foundation and water management solutions company, with a footprint of 41 offices servicing 27 states under 17 locally operated brand names and employing more than 3,500 associates nationwide. BQ represents Groundworks’ 21st acquisition since its inception in 2016.
“This partnership allows us to expand our footprint in the Northeast, which is essential to continuing our mission of developing the first and only national brand in the foundation services industry,” says Matt Malone, Founder and CEO of Groundworks. “With its longstanding history in one of the largest, most competitive markets in the country, we knew BQ was the right partner to join our growing company. We are committed not only to the aggressive development and expansion of their business, but also providing their employees with significant career growth opportunities.”
“Together with Groundworks, we will continue the legacy of BQ by combining the national strengths and resources of Groundworks with the local experience of our dedicated team of industry experts,” says BQ Founder Brian Quinn. “This partnership is a once in a lifetime opportunity to grow the business, break through old boundaries, and offer our employees more opportunities than ever before.”
Bill Tucker, a Cortec Partner, says: “We are excited to welcome BQ to Groundworks and to continue expanding into Pennsylvania, New Jersey and Delaware.”
Cortec Co-President Dave Schnadig, adds: “Matt and the Groundworks team have continued to execute strategic acquisitions in 2021 while successfully driving organic growth in the business. We are looking forward to continuing to support Groundworks’ growth.”
