Groundworks

Matt Malone, CEO and owner of Groundworks (left), is pictured with Ben Bayless Jr., original owner of AFS Foundation and Waterproofing Specialists. SUBMITTED

Groundworks Companies, the nation’s largest privately owned foundation services company, announced its 15th acquisition in four years with the purchase of Alabama-based AFS Foundation and Waterproofing Specialists.

AFS Foundation and Waterproofing Specialists operates across Tennessee, including in the greater Nashville area.

The partnership joins two of the largest foundation services companies in the U.S. with a combined footprint that spans 23 states, 1,800 employees and more than $300 million in annual revenue.

AFS Foundation and Waterproofing Specialists is Groundworks’ largest acquisition to date, and adds more than 300 employees, more than $65 million in annual revenue and seven offices that serve Alabama, most of Tennessee and several Georgia and Mississippi cities. The acquisition strengthens Groundworks’ presence in the Southeast and provides a launch pad for additional expansion in the region.

In January, Groundworks partnered with the Cortec Group, a multi-billion-dollar private equity firm, to accelerate its organic and acquisitive expansion.

“AFS is not only the largest foundation services company in the Southeast, it’s also the best. Our partnership with the Bayless family and AFS team is transformational for our industry, as well as a strong cultural fit for our company in terms of their approach to the market, dedication to superior customer service and commitment to their team,” said Matt Malone, chief executive officer and founder of Groundworks. “With this acquisition, we now have a presence in nearly half the states in the U.S., we have served nearly 1 million homeowners, and we have added another important building block toward our goal of becoming the first and only national player in a $5 billion to $6 billion industry.”

The transaction closed June 4. Financial details were not disclosed.

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