A Virginia Beach foundation repair conglomerate just got a little bit closer to its goal of becoming a nationwide household name by adding two more businesses to the fold.
Groundworks Companies acquired both Independence Materials Group and KBH Management Software, according to an announcement Dec. 17.
KBH is a software company also based in Virginia Beach, according to Cary McGuckin, Groundworks chief marketing officer. The company’s Bizwiz software – used by Groundworks and several other companies – is a workflow program designed for home service companies.
“It’s everything from managing our inventory to our permanent application process,” McGuckin said.
Independence Materials Group from Columbia, South Carolina, is a manufacturer and distributor of products for foundation repair, basement waterproofing and crawl space encapsulation. As with KBH, McGuckin said the acquisition would give Groundworks more control when accessing the best products used for its services.
Post-acquisition, KBH will be renamed Bizwiz. According to McGuckin, KBH was entertaining offers from several companies about a potential sale. Groundworks leaders realized owning a software company would allow for greater control over future software updates and the direction of the program.
He said KBH will continue to serve its customers that existed prior to the sale.
Around 60 people are employed at Independence Materials Group, and KBH has about 20 people, McGuckin said. Most will retain their positions after the sales, but he cautioned that some restructuring might occur.
He declined to reveal the financial details of the sales.
These are the sixth and seventh acquisitions by Groundworks in less than three years, stated chief technology officer Kim McDonald in the announcement. Earlier this year, Groundworks branched into the Midwest by purchasing the Missouri-based Foundation Recovery Systems.
The rapid growth corresponds to the goal of making Groundworks a national service for foundation repairs, McGuckin said. The company currently employs 820 people.
“There is no national company in that space,” he said.