August 7, 2011

Centre Lane Partners, a New York-based private equity firm, has become the new owners of The Merit Group, a distributor of paint sundry- and drywall-related products. The company will continue to operate under the current management team and business structure, according to the announcement. 

April 20, 2011

Spartanburg, S.C.-based The Merit Group announced that Mitch Jolley will be returning as CEO for the company. Jolley served as Merit CEO from 1990 to 2009. He replaces Jay Baker, who has served as CEO since October 2009. 

The reason for the replacement was not explained explicitly, but a press release announcing the change in leadership had high praise for Baker's contributions, and described Jolley as an executive  "uniquely qualified to lead this company as we move from a focus on transition to a focus on growth.”