Wacona Capital has closed a single-asset continuation vehicle for Core States Group with total commitments of approximately $210 million, including commitments from the private equity firm’s general partner.
Painswick Capital led the continuation vehicle, with additional participation from a syndicate of institutional investors. The transaction allows Wacona to continue supporting Core States Group while providing liquidity to existing investors.
The new investment will support Core States Group’s strategic growth plan, including organic expansion, additional services, deeper relationships with new and existing clients, and potential acquisitions.
Founded in 1999, Core States Group provides integrated engineering, architecture, design, construction and program management services. The company primarily supports national multisite renovation and remodeling programs for Fortune 500 and Fortune 100 companies across North America.
Core States Group has approximately 650 employees working across 24 offices. Since partnering with Wacona, the company has expanded its relationships with major clients, strengthened its integrated professional services capabilities and completed strategic acquisitions.
Wacona focuses on investments in founder-owned and family-owned lower-middle-market businesses. The firm typically invests through majority recapitalizations, growth investments and management buyouts involving U.S.-based companies.
Painswick is a New York-based investment firm specializing in high-performing companies within the single-asset continuation vehicle market. The firm was established in 2024 by John L. Garcia, the former CEO and current chairman of AEA Investors.
Jefferies served as financial advisor to Wacona, while Kirkland & Ellis served as its legal advisor. Proskauer Rose served as legal advisor to Painswick Capital.
KEY QUOTES:
“We are thrilled to continue our partnership with President and CEO, Dave Dugan, and the team at Core States Group. 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.”
Joel Carter, Managing Partner at Wacona Capital
“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.”
Dave Dugan, President and CEO of Core States Group
“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.”
James Powers, Partner at Painswick Capital
