Wacona Capital, LLC (“Wacona”), a private equity firm focused on the lower middle market, announced today the close of a single-asset continuation vehicle for Core States Group, a leading engineering, architectural, and design services firm, with total commitments of approximately $210 million, including commitments from the General Partner.
Founded in 1999, Core States Group offers integrated solutions that support national multisite renovation and remodel programs primarily for Fortune 500 and Fortune 100 clients across North America. The company has ~650 employees across 24 offices. Since its partnership with Wacona, Core States Group has grown through expanding relationships with blue chip clients, buttressing its integrated suite of professional services disciplines, and executing highly strategic acquisitions that have created immense value for the platform.
The transaction allows Wacona to continue its sponsorship of Core States Group and its partnership with the company’s best-in-class executive leadership team, while providing liquidity to its existing investors. The investment will enable Core States Group to continue executing on the strategic roadmap that has established the company as the premier provider of engineering, architectural, and design services to its client base. The continuation vehicle was led by Painswick Capital, with participation from a syndicate of leading institutional investors.
“We are thrilled to continue our partnership with President and CEO, Dave Dugan, and the team at Core States Group,” said Joel Carter, Managing Partner at Wacona. “This investment further positions Core States Group for continued growth through both organic expansion and M&A. Through this transaction, we are pleased to provide liquidity to our existing investors while welcoming a new group of partners who share in our conviction around the company and its leadership team.”
Dave Dugan, President and CEO of Core States Group, commented, “With Wacona, we have a partner who fully supports our core values and strategic vision. The investment from our new capital partners establishes a strong foundation from which we will continue to grow the business with new and existing clients, as well as through acquisition. Core States Group remains committed to delivering exceptional service to our clients while supporting the growth and development of our team members across disciplines, markets, and geographies.”
James Powers, Partner at Painswick Capital, commented, “Core States Group is a trusted partner to leading companies across a broad range of industries and is well positioned to expand its capabilities, customer relationships, and geographic reach. We are excited to partner with Wacona and the leadership team to support the company’s continued growth.”
Jefferies LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor to Wacona on the transaction. Proskauer Rose LLP served as legal advisor to Painswick Capital.
About Core States Group
Core States Group designs, builds, and manages programs and projects across North America and has been recognized on top lists throughout the architecture, engineering, and design services industry. Established in 1999, Core States Group offers integrated solutions with seamless continuity, and many of the world’s most notable brands count on the firm to deliver speed to market, cost certainty, and compelling design. With 24 offices and over 650 employees, Core States Group is an industry powerhouse that drives innovation and improves everyday life for countless people. For more information please visit: www.core-states.com.
About Wacona Capital, LLC
Wacona Capital, LLC is a private equity firm built on a foundation of partnering with founder and family-owned businesses in the lower middle market. Wacona has a depth of experience providing strategic guidance and operational support to help business leaders execute on a shared vision of success. Wacona seeks to invest equity capital through majority recapitalizations, growth investments or management buyouts for U.S. based companies. Founded in 2024, Wacona is headquartered in Charlottesville, VA. For more information, please visit: www.waconacapital.com
About Painswick Capital
Painswick is a New York-based specialist investment firm primarily focused on high-performing companies within the rapidly expanding single-asset continuation vehicle market. Established in 2024 by John L. Garcia, Chairman and former CEO of AEA Investors, Painswick seeks to invest with high-performing management teams, companies, and sponsors, utilizing the expertise and private equity underwriting experience of its team. More information is available at www.painswickcapital.com.
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