M&A Deal Summary

Cortec Group, Twin Brook Capital Partners, Golub Capital and Adams Street Partners Acquire Groundworks

On January 17, 2020, private equity firm Cortec Group, mezzanine finance firm Twin Brook Capital Partners, lender Golub Capital and asset manager Adams Street Partners acquired construction company Groundworks from Succession Capital Partners

Acquisition Highlights
  • This is Cortec Group’s 1st, Twin Brook Capital Partners’ 1st, Golub Capital’s 1st and Adams Street Partners’ 1st transaction in the Construction sector.
  • This is Cortec Group’s 40th, Twin Brook Capital Partners’ 13th, Golub Capital’s 60th and Adams Street Partners’ 117th transaction in the United States.
  • This is Cortec Group’s 2nd, Twin Brook Capital Partners’ 3rd, Golub Capital’s 3rd and Adams Street Partners’ 5th transaction in Virginia.

M&A Deal Summary
Date 2020-01-17
Target Groundworks
Sector Construction
Buyer(s) Cortec Group
Twin Brook Capital Partners
Golub Capital
Adams Street Partners
Sellers(s) Succession Capital Partners
Deal Type Recapitalization
Advisor(s) Harris Williams & Co. (Financial)
Moore & Van Allen (Legal)

Target

Groundworks

Virginia Beach, Virginia, United States
Groundworks is a vertically integrated foundation services company that serves primarily the single-family residential market, providing a critical suite of services to homeowners that preserve home value, integrity, and safety, including foundation repair, basement waterproofing, crawl space repair and encapsulation, and concrete lifting. Groundworks is based in Virginia Beach, Virginia.

Search 198,774 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try For Free 7-Day Free Trial

Buyer(S) 4

Buyer

Cortec Group

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1984
PE ASSETS 4.6B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Cortec Group, Inc. is a private equity firm focused on acquiring mid-sized businesses operating in basic industries. Cortec Group is an experienced and knowledgeable investor in healthcare products and services, B2C and B2B products, value-added distribution (including eCommerce), and specialty services companies with revenues of $40-$300 million and EBITDA of $7 to $35+ million. The Cortec Group was formed in 1984 and is based in New York City.

DEAL STATS #
Overall 41 of 48
Sector (Construction) 1 of 1
Type (Recapitalization) 5 of 11
State (Virginia) 2 of 2
Country (United States) 40 of 47
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-12-19 ECS Tuning

Wadsworth, Ohio, United States

ECS Tuning is a provider of designs, produces, and sells proprietary parts and kits for a rapidly growing number of automotive makes and models, and it partners with hundreds of other performance brands to bring the enthusiast community an unparalleled customer experience. ECS Tuning is based in Wadsworth, Ohio.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-24 Lap of Love Veterinary Hospice

Lutz, Florida, United States

Lap of Love Veterinary Hospice is a provider of end of life care for companion animals, offering consultations, hospice care, and euthanasia, and related aftercare services. Lap of Love Veterinary Hospice was founded in 2009 and is based in Lutz, Florida.

Buy -
Buyer

Twin Brook Capital Partners

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2014
PE ASSETS 22.3B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Twin Brook Capital Partners is a provider of senior financing to small and mid-sized profitable companies. The Firm looks to offer a variety of credit and equity solutions including revolvers, senior loans, unitranche loans, mezzanine financing, and equity co-investment to US-based companies with $3 to $50 million in EBITDA. Target sectors include industrial, manufacturing, business services, financial services, insurance, aerospace/defense, distribution, healthcare, and software/tech enabled services. Twin Brook Capital Partners is based in Chicago, Illinois.

DEAL STATS #
Overall 13 of 23
Sector (Construction) 1 of 1
Type (Recapitalization) 3 of 5
State (Virginia) 3 of 3
Country (United States) 13 of 22
Year (2020) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-17 Empire Equipment

Raleigh, North Carolina, United States

Empire Equipment is a wholesale distributor of commercial foodservice equipment and genuine OEM parts into diverse markets, including food service equipment dealers, service organizations, buying groups, and national chain accounts. Empire Equipment was founded in 1985 and is based in Raleigh, North Carolina.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-12-08 PaperTech

Bingham Farms, Michigan, United States

PaperTech is a manufacturer of paperboard packaging products for major food brands, contract food packagers, food service operations, as well as for commercial bakeries, quick-serve restaurants, and “take-and-bake” pizza companies. PaperTech was founded in 1999 and is based in Bingham Farms, Michigan.

Buy -
Buyer

Golub Capital

New York, New York, United States

Investor Investor Investor Investor Investor

Category Lender
Founded 1994
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Golub Capital is a private investment firm focused on making debt and equity investments in US based middle-market companies. Golub looks to invest between $5 and $75 million in businesses with established operating cash flow, strong customer relationships, and 'sustainable proprietary positions in their markets'. Prospective investment structures include refinancings, recapitalizations, buyouts, and growth financings. Sectors of interest include consumer products, business and consumer services, defense, manufacturing, value-added distribution, media, healthcare services and restaurants. Golub Capital was formed in 1994 and maintains offices in New York City, Atlanta, and Chicago.

DEAL STATS #
Overall 62 of 68
Sector (Construction) 1 of 1
Type (Recapitalization) 10 of 11
State (Virginia) 3 of 3
Country (United States) 60 of 66
Year (2020) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-07 TransAxle

Cinnaminson, New Jersey, United States

TransAxle is a remanufacturer of drivetrain related components (transmissions, differentials, hydraulic pumps, and motors) and is an authorized distribution partner of ArvinMeritor, Eaton, Dana, Bendix, and over 100 other OE product lines. Transaxle was founded in 1979 and is based in Cinnaminson, New Jersey.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-06 Sola Salon Studios

Lakewood, Colorado, United States

Sola Salon Studios provides a unique service to entrepreneurs, giving stylists and beauty professionals high-end, fully-equipped salon studios to start their own businesses without the administrative burden and risk associated with opening a retail storefront. Sola Salon Studios was established in 2004 and is based in Lakewood, Colorado.

Sell -
Buyer

Adams Street Partners

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1972
PE ASSETS 60.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Adams Street Partners is a diversified, global investment firm that targets direct, fund of funds, and secondary investments. Adams' direct investing group covers co-investments in buyout transactions, as well as growth equity and venture capital commitments. The direct buyout and growth equity team looks to commit $5 to $30 million per transaction. For venture related investments, commitments of $5 to $20 million are provided to companies in the technology, life sciences and technology enabled services sectors. Typically, target companies have received prior financing from early stage venture firms and are seeking additional capital to fund product development and commercialization. Adams Street Partners was formed in 1972 and is based in Chicago, Illinois.

DEAL STATS #
Overall 129 of 148
Sector (Construction) 1 of 1
Type (Recapitalization) 4 of 5
State (Virginia) 5 of 6
Country (United States) 117 of 136
Year (2020) 2 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-14 Kamps

Grand Rapids, Michigan, United States

Kamps is specializes in supplying high-quality recycled pallets, new custom pallets, and comprehensive pallet recycling services to diverse supply chains across the nation. Kamps was founded in 1973 and is based in Grand Rapids, Michigan.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-27 DolEx Dollar Express

Arlington, Texas, United States

DolEx Dollar Express is a provider of electronic funds transfer services through approximately 600 branches and over 2,000 agents in the mainland U.S., Puerto Rico, U.S. Virgin Islands, and Europe. The company’s services allow customers to quickly and safely send money to beneficiaries in North America, Latin America, North Africa, Asia, Europe, and the Caribbean through its settlement relationships with thousands of banks, exchange houses, and retail locations. DolEx also offers ancillary products and services including phone cards, bill payments, money orders, check cashing, prepaid mobile e-pins, and its Amigo Latino Plus prepaid card. DolEx Dollar Express was founded in 1996 and is based in Arlington, Texas.

Sell -

Seller(S) 1

SELLER

Succession Capital Partners

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2009
Size Small
Type Sector Agnostic
DESCRIPTION

Succession Capital Partners is a private equity firm focused on small-cap, family-owned company acquisitions in the Southeast and MidAtlantic regions of the US. The Firm does not have any sector preferences and targets transactions valued from $3 to $30 million. Succession Capital Partners was formed in 2009 and is headquartered in Norfolk, Virginia.

DEAL STATS #
Overall 2 of 3
Sector (Construction) 1 of 1
Type (Recapitalization) 1 of 1
State (Virginia) 2 of 3
Country (United States) 2 of 3
Year (2020) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-01-18 PetroChem Recovery Services

Norfolk, Virginia, United States

PetroChem Recovery Services, Inc. is a full-service emergency response, industrial, hazardous and non-hazardous waste environmental services and remediation company. Since 1982, PetroChem Recovery Services has provided cost-effective, timely and environmentally conscious services .PetroChem offers a comprehensive line of environmental services including: 24-hour emergency response to chemical and petroleum spills, groundwater testing and remediation, industrial cleaning for maintenance and shutdowns, vacuum truck services, recycling of waste/oil fuels/oil filters and the transportation and disposal of hazardous and non-hazardous materials. PetroChem Recovery Services was founded in 1982 and is based in Norfolk, Virginia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-20 Shipyard Staffing

Norfolk, Virginia, United States

Shipyard Staffing is an expertized in helping companies connect with the right taken national skilled tradesman for the ship repair and ship construction industry. Shipyard Staffing is based in Norfolk, Virginia.

Sell -
Mergr

Product

Company

Legal