Norfolk, VA. (September 30, 2019) Succession Capital Partners (SCP) announced today the acquisition of Ohio Basement Systems under its portfolio company, Groundworks Companies. Ohio Basement Systems (OBS) is the fourth acquisition of 2019 for the industry-leading company and represents the fourteenth acquisition within three years. The Groundworks’ belief that the quality of a company’s work should determine its ability to grow, has proven to be attractive for partners as they seek opportunities for their companies and employees to expand and grow. Mike Rusk, the founder of OBS, sees this partnership as the best way to create the brightest future for his employees.
“We are thrilled to have the OBS team join the Groundworks tribe. Having known Mike for years, I know he and his team share our customer-first mindset coupled with the strong belief that it’s time for many of the arcane industry practices to evolve,” said Matt Malone, Managing Partner of SCP. “We only look to partner with the best foundation services brands in the country and we are committed to providing these brands the resources and support needed to further enhance their growth. The future is now for Ohio Basements Systems and we look forward to their growth beyond Northeast Ohio.”
The team of nearly 100 employees from OBS will join the Groundworks family and the Ohio Basement Systems brand will continue to do business under that name. Rusk will join the Groundworks Advisory Board; he has a proven reputation as an accomplished businessman and his expertise will help Groundworks continue to grow.
About Succession Capital
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/
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 Complete Basement Systems, Florida Foundation Authority, Foundation Recovery Systems, Indiana Foundation Service, JES Foundation Repair, Mount Valley Foundation Services, Ohio Basement Authority, Ohio Basement Systems, Tar Heel Basement Systems, Independence Materials Group, and Bizwiz Software. Since 1986, the combined companies have helped over 150,000 homeowners protect and repair their most valuable asset, their home. Groundworks operates out of sixteen offices that serve Arkansas, Colorado, Florida, 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 Ohio Basement Systems
Mike and Gayle Rusk’s Ohio Basement Systems is a licensed
contractor providing basement waterproofing, foundation repair, crawl space
repair, concrete lifting, and basement finishing services. They have been
performing basement waterproofing and crawl space repair in Northern Ohio since
1999. Ohio Basement Systems is a member of the Better Business Bureau and Home
Builders Association of Greater Cleveland.
For more information about Ohio Basement Systems, please visit http://www.ohiobasementsystems.com.
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