Repairing home foundations, waterproofing basements and lifting concrete is hardly glamorous work, but Peak Structural of Palmer Lake made a name for itself over 20 years in the business and received numerous customer service accolades as a result.
Now, Peak Structural is getting a new name and a new owner.
Peak Structural was purchased this week by Groundworks of Virginia Beach, Va., a privately held firm that provides similar foundation services in 26 states and employs 4,000 people, the two companies announced. Terms of the deal weren't disclosed.
Groundworks is merging Peak Structural with two Colorado companies it purchased in recent years: Complete Basement Systems, which has operations in Denver and Colorado Springs, and Foundation Repair of Western Colorado, based in Grand Junction.
Together, the three will operate under the Groundworks brand, which will have more than 275 employees in Colorado and ownership of three companies with over 60 years of experience in the state, said Groundworks founder and CEO Matt Malone.
Malone said he has known Paul and Lisa Sutton, Peak Structural's husband-and-wife founders, for four years through their company's work and reputation in the foundation repair industry.
Acquiring Peak Structural gives Groundworks a strong presence in a fast-growing area such as Colorado Springs and the Pikes Peak region, as well as more coverage in the state, he said.
"We just like the Colorado Springs market," Malone said. "It's growing. They have, candidly, plenty of structural soil issues. Peak had a great reputation and we just thought it made sense."
Groundworks will retain Peak Structural's 83 employees, he said.
The Suttons, however, wanted to retire, which is part of the reason they partnered with Groundworks, Malone said.
The couple reinvested a portion of their sale proceeds into Groundworks and effectively have become shareholders of the company, he said.
But the Suttons will have no day-to-day responsibilities with Groundworks and actually had left Peak Structural's operation in the hands of a management team for the last two years, Malone said.
In a news release, Sutton said he and his wife started and grew Peak Structural "with a mission to protect our customers' home values while growing the careers of our employees." The decision to sell was made with those objectives in mind, he said.
Peak Structural won the Better Business Bureau of Southern Colorado's Excellence in Customer Service Award for multiple years. Paul Sutton is a past recipient of the Small Business Person of the Year award by the BBB and the Pikes Peak Small Business Development Center.
In general, foundation repairs and other services are designed to protect a homeowner's greatest asset, and companies such as Groundworks have been considered essential businesses through the COVID-19 pandemic, Malone said.
But while many people worked remotely at home during the pandemic and noticed upgrades they'd like to make, such as a fresh coat of paint, foundation repairs aren't optional, he said.
"Our business is one that is, candidly, it's not really aesthetics," Malone said. "If your house is settling, you need to have it addressed in order to preserve the value of the house.
"We say it's not a discretionary item," he added. "If you want to put new windows in or a new roof, sometimes you can wait a few years. But unfortunately, ours is, look, if you don't get that foundation fixed, it gets really expensive."