Virginia Beach-based Groundworks acquires Philadelphia co.

Virginia Beach-based Groundworks, a foundation and water management solutions company, announced Wednesday its 21st acquisition since its founding five years ago. Financial terms were not disclosed.

Groundworks has acquired Philadelphia-based BQ Basements and Concrete, which expands the company’s Northeast presence into greater Philadelphia, New Jersey and northern Delaware. It’s the third acquisition in Pennsylvania for Groundworks this year, following the purchases of Baker’s Waterproofing in Pittsburgh and I’m the Guy Basements in Central Pennsylvania.

Founded in 2016, Groundworks has 17 brands, 41 offices and more than 3,500 employees.

“This partnership allows us to expand our footprint in the Northeast, an essential move to continuing our mission of developing the first and only national brand in the foundation services industry,” Matt Malone, Groundworks founder and CEO, said in a statement.“With their longstanding history in one of the largest, most competitive markets in the country, we knew BQ Basements & Concrete was the right partner to join our growing company. We are committed to the aggressive development and expansion of not only their business but also their employees, including ownership, 401K, profit-sharing programs and significant career growth opportunities.”

As part of the acquisition agreement, BQ Basements & Concrete will retain its brand identity.