Norfolk, VA (Nov. 20, 2019) – Succession Capital Partners (SCP) portfolio company, Groundworks®, the nation’s largest foundation services company, announced today the acquisition of Innovative Basement Systems® (Innovative).
Groundworks continues to evolve and transform the foundation services industry. Innovative represents the fifteenth company to join Groundworks in the last three years, and the fifth in 2019.
Along with the merger, the company has unveiled a complete rebranding including a name change from Innovative Basement Systems to Innovative Basement Authority.
Headquartered in Rush City, Minnesota, the company was founded in 2005 by father-son team Ross and Keith Johnson. Recognizing the needs of homeowners across the Region, Keith Johnson led the growth of the business and expansion to multiple offices to serve customers in Minnesota, North Dakota, and eastern Montana.
Keith and his leadership team felt a name change from Innovative Basement Systems to Innovative Basement Authority™ was a proper nod to the company’s continued evolution from an arcane product-driven market approach to a customer-focused solution-driven strategy.
“We are honored to welcome Innovative into the Groundworks tribe and our family of brands. The Innovative team is exceptionally skilled, and we are excited to be able to provide the partnership, investment capital, training, development, and support necessary for the Innovative Team and brand to accelerate its growth throughout Minnesota and the Dakotas,” said Matt Malone, Managing Partner of SCP.
Externally imposed boundaries and limited resources have constrained Innovative from realizing its full potential. Keith Johnson, Founder of Innovative and former Marine, stated, “I take pride in the expertise of the Team here at Innovative. We serve our customers proudly and it is my duty as Owner to serve them by providing all of my people with the best possible opportunities for future growth, advancement, and development. I have had the opportunity to fulfill the American Dream and I want my team members to also have the best opportunities for success.”
Johnson shared that partnering with Groundworks will unlock the freedom to grow and that he believes this partnership is the best way to ensure a bright future for his employees. “Groundworks is quickly evolving in this industry. I am excited that my team and I will now be able to contribute to that evolution while expanding Innovative’s reach,” said Johnson.
Innovative employs over 80 people who now have a new ability to grow within the 12 brands of Groundworks. Johnson will continue to lead Innovative’s expansion efforts and will join the Groundworks Advisory Board.
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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, Complete Basement Systems, Hayes Software Systems, Indiana Foundation Service, Independence Materials Group, Innovative Basement Authority, JES Foundation Repair, Mount Valley Foundation Service, Ohio Basement Authority, Ohio Basement Systems, PetroChem Recovery Services, Shipyard Staffing, Tar Heel Basement Systems, 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™, Innovative Basement Authority™, 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 200,000 homeowners protect and repair their most valuable asset, their home. Groundworks operates out of over twenty offices that serve Arkansas, Colorado, Georgia, Indiana, Iowa, Kansas, Maryland, Minneapolis, Missouri, Montana, North Carolina, North Dakota, South Carolina, Virginia, and West Virginia. The company has been named numerous times to the Inc. 5000 Fastest Growing Companies and Best Places to Work. For more information about Groundworks, please visit https://www.Groundworkscompanies.com.
About Innovative Basement Authority
Innovative Basement Authority, formerly Innovative Basement Systems, is a licensed contractor providing basement waterproofing, foundation repair, crawl space repair, and concrete lifting services. They have been performing basement waterproofing and crawl space repair in Minnesota, Montana, and North Dakota since 2005. For more information please visit https://www.innovativebasementauthority.com.
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