JES Strengthens Brand Through New Partnership
Private Equity firm joins the region’s leading foundation, crawl space and basement waterproofing company to continue its accelerated growth
Virginia Beach, Va. (May 2, 2016) – JES Foundation Repair (JES) announced today that it has brought on Matt Malone and private equity firm, Succession Capital Partners (SCP), as new partners of the rapidly growing 23 year old structural engineering firm. Malone will become Chief Executive Officer of JES, overseeing the day-to-day operations of the company, which now has five offices and over 300 employees. Jesse Waltz, P.E., the co-founder of JES with his wife Stella, will continue as JES’s President, chief consultant and member of the newly formed board of directors. Waltz, who started the company literally from the ground up in 1993, posted over $35,000,000 in gross revenue in 2016.
Jesse explained the move is intended to take JES to the next level. “I have been looking for a CEO to head up JES for several years.” Waltz said. “We’ve been blessed with phenomenal growth and have a great team already in place.” He continued. “However, I felt we needed an operations expert like Matt Malone and Succession Capital team to continue the growth and integrity of the JES brand through maximizing efficiencies.”
For his part, Malone sees great potential and opportunity in JES. “In my experience, JES is perfectly poised to continue its trajectory to the next level in its transformation from its humble beginnings as a “mom and pop shop” to a regional leader in the industry.” Malone brings over 20 years of experience in management, investment and growth strategies focused on growing small family owned businesses into world-class entities. “Jesse and Stella have done an excellent job in building a well known brand and providing a superior level of service.” Malone said. “Our part of the partnership will be to not only provide additional capital, but to leverage our operational expertise to drive efficiency in all areas of the operation, improve and invest in infrastructure and solidify the success of JES through the attention to detail.”
Besides continuing its growth in the original core regions in Hampton Roads, Greater Richmond, Northern Virginia and Greater Washington D.C., JES plans to open an additional office in Maryland and to aggressively transition its brand at its newly acquired offices in the Shenandoah Valley of Virginia and Indianapolis, IN. For more information contact Eric Lackey at 757-754-1058.
About JES Foundation Repair
JES is a structural engineering solutions firm specializing in residential and commercial foundation repair, concrete lifting and leveling, crawl space moisture control systems, and basement waterproofing systems. Besides continually winning many industry awards for sales volume and service excellence, JES has been named to the Fantastic 50 fastest growing companies in Virginia four years consecutively, the Roaring Twenty top Hampton Roads Virginia companies three times as well as Best Places to Work several years in a row. JES operates out of three locations in Virginia including Virginia Beach, Chester and Manassas and has two newly acquired offices in Virginia’s Shenandoah Valley and Indianapolis, IN. The firm now serves Virginia, Maryland, Washington D.C., North Carolina and Indiana.
About Succession Capital Partners
Succession Capital Partners specializes in providing substantial strategic, financial and operating support for family-owned businesses with unique and creative solutions necessary for their continued growth and success. Since 1998, the principals of Succession Capital Partners have successfully partnered with more than 30 family-owned companies across a vast array of industries. Their deep understanding of family-owned business and the unique aspects of those businesses have enabled them to be successful over time and deliver significant returns for their investors.