Overview
Groundworks is North America's largest and fastest-growing foundation repair and water management company. Founded in 2016 by Matt Malone in Virginia Beach, Virginia, the company has grown from a regional operator to a $2.5B+ national platform through an aggressive acquisition-led strategy — completing 47+ acquisitions in under a decade. Groundworks operates 78+ offices across 36 states and Canada, employing approximately 7,000 people and having served over one million homeowners.
The company is backed by KKR (since 2023), having previously received growth equity from Cortec Group in 2020. It has received Inc. 5000 recognition eight consecutive years.
Business Model
Groundworks operates an "acquire and integrate" roll-up model: they identify leading regional foundation and waterproofing businesses, acquire them while preserving the local brand, and integrate them into the national platform. Each acquired company retains its founder and brand identity while gaining access to Groundworks' proprietary systems, training, national supply chain, and marketing infrastructure.
Services across the platform include:
- Foundation repair
- Basement waterproofing
- Crawl space repair and encapsulation
- Concrete lifting and leveling
- Plumbing
- Gutter installation
- Soil stabilization (commercial / geo-technical)
Ownership & Funding
| Round | Date | Investor |
| Growth Equity | January 2020 | Cortec Group |
| PE-II | February 2023 | KKR |
Total funding raised: $1.06B. Currently valued as a multi-billion-dollar company per CEO commentary in March 2025.
Leadership Team (as of March 2025)
| Name | Title | Notes |
| Matt Malone | Founder & CEO | Founded Groundworks 2016; built from zero to $2.5B in 9 years |
| Michael Mullican | President & CFO | Promoted March 2025; overseeing financials as company scales multinational |
| Jeffrey Martin | COO | Promoted March 2025; prior role: Chief Revenue Officer |
| Ben Flowers | Chief Sales Officer | Leads in-home sales across all brands — primary Craft buyer |
| John Thornton | Chief Marketing Officer | Demand gen across 40+ local brands |
| Lara Drake | Chief Experience Officer | Customer experience and NPS |
| Laura Mueller | CHRO | People, training, culture across 7,000 employees |
| Mike Midgett | Chief Service Officer | Hired July 2024; prior: Chief Sales & Marketing Officer at American Residential Services |
Key buyer for Craft: Ben Flowers (CSO) is the economic buyer for in-home sales coaching. Jeffrey Martin (COO, ex-CRO) is the ultimate decision-maker. Mike Midgett owns the recurring service division.
Acquisition History
Groundworks has completed 47+ acquisitions since 2016. Known brands in the portfolio:
| Brand | Geography | Notes |
| JES Foundation Repair | Virginia, Mid-Atlantic | Early anchor acquisition |
| AFS Foundation & Waterproofing | Alabama, Mississippi | Founder: Ben Bayless |
| AquaGuard Foundation Solutions | Georgia | Founders: Tom DiGregorio & Joe Rusk |
| Baker's Waterproofing | Pennsylvania | Founder: Brian Baker |
| Alpha Foundations | Florida | Founder: Matt Shanley |
| Foundation Systems of Michigan | Michigan | Founders: Bob & Vicki Genord |
| Innovative Basement Authority | Upper Midwest | Founder: Keith Johnson |
| Mount Valley Foundation Services | Southeast | Founder: Allen Gantt |
| Dry Pro Foundations | North Carolina | Founder: Ron Weatherly |
| Bay Area Underpinning | California | Founder: Steve Egloff |
| EagleLIFT | West / Southwest | Acquired June 2024; geo-technical concrete lifting |
| Matvey Foundation Repair | Seattle, WA | Acquired June 2024; Pacific Northwest entry |
| Clarke Basement Systems | Canada | Acquired July 2024 |
| Basement Systems | Northeast | Acquired August 2024 |
| Yellowstone Structural Systems | Montana | Acquired December 2024 |
| Rescon Basement Solutions | Canada | Acquired March 2025 |
| Leveled Concrete | Houston, TX | Acquired September 2025 |
| WTX Foundation Repair | West Texas / New Mexico | Acquired February 2026 |
2024 was a breakout year: 12 acquisitions + 6 new organic offices = 20%+ footprint growth in a single year.
Scale Indicators
- ~7,000 employees across all brands
- 78+ offices in 36 states + Canada
- 1M+ homeowners served
- $2.5B estimated annual revenue (2025)
- 47+ acquisitions since founding
- Inc. 5000 — 8 consecutive years
- $1.06B total funding raised
Why Groundworks Is a Craft Target
Groundworks' growth model creates a structural sales performance problem that Craft is built to solve.
The Problem
Every acquisition brings a new sales culture and wildly inconsistent close rates. With 40+ acquired brands across 78 offices, Ben Flowers and Jeffrey Martin have no unified view of what's being said in the home. Close rates vary by 15–20 points across brands.
The Craft Fit
Groundworks is the exact Express Flooring profile — enterprise, in-home sales heavy, national footprint, PE board demanding efficiency metrics. If Craft moves close rates from 28% to 33% across 500 field reps running 2,000+ appointments per month, the revenue lift is tens of millions annually.
Products to Lead With
- AI Ridealong / Field Sales Coaching — standardize sales performance across all 40+ brands
- Inside Sales AI — massive pool of unsold estimates; AI follow-up via SMS/email with in-home context
- Call Center Coach — as service division capacity grows under Midgett
Entry Strategy
Go founder-to-founder. Matt Malone is a builder who values performance data. Frame it as what Express Flooring proved: consistent process adherence = consistent close rates. Primary contact: Ben Flowers (CSO).