JES Foundation Repair takes on new partner and announces new CEO
JES Foundation Repair (JES) announced on Monday that it has brought on Matt Malone and private equity firm, Succession Capital Partners, as new partners in the rapidly growing, 23-year-old structural engineering firm in Virginia Beach.
Malone will become CEO of JES, overseeing the day-to-day operations of the company, which now has five offices and more than 300 employees.
Jesse Waltz, the co-founder of JES with his wife, Stella, will continue as the company’s president, chief consultant and member of the newly formed board of directors.
Waltz, who started the company in 1993, posted more than $35 million in gross revenue in 2016.
Waltz said in a statement that 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 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.”
Malone said he 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 more than 20 years of experience in management, investment and growth strategies focused on growing small, family-owned businesses.
“… 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 transition its brand at its newly acquired offices in the Shenandoah Valley of Virginia and Indianapolis.