Investment firms buy Meek’s Lumber
The firms plan to grow a national distribution company and have formed American Construction Source.
Meek’s Lumber Company, the Springfield, Mo.-based pro dealer, has been acquired by Angeles Equity Partners, LLC, a Los Angeles-based private investment firm, and Clearwater Capital Group, L.P., also a private investment firm.
Terms of the transaction were not disclosed.
Meek’s is one of the nation’s largest pro dealers with more than 50 locations in Arkansas, California, Missouri, and Nevada. Founded in 1919, the company was named as the HBSDealer Pro Dealer of the Year in 2014.
Angeles and Clearlake have also formed American Construction Source (ACS) to acquire Meek’s and additional lumber and building materials businesses to create a leading national building products distributor.
“Angeles views Meek’s combination of scale and local market leadership as the basis for a compelling platform investment in the building products sector. We feel a tremendous responsibility to build upon the strong foundation the Meek family has assembled over four generations,” Timothy Meyer and Jordan Katz, co-founders and managing partners of Angeles Equity Partners, said in a prepared statement. “We look forward to working closely with our partners and members of the Meek family to accelerate growth and drive industry consolidation.”
“Clearlake is delighted to partner with the Meek’s management team, the Meek family, and Angeles as the stewards of a storied business with a long history of service and innovation,” said José Feliciano, co-founder and managing partner of Clearlake and James Pade, principal of Clearlake.
Clearlake said it is committed to providing additional capital to build an “industry-leading building products distributor with a national footprint.”
Members of the Meek family will remain actively involved, ensuring the personalized service customers have come to expect over the last 100 years.
Charlie Meek will remain a member of the executive team as the executive vice president responsible for business development, fostering customer relationships and sourcing acquisition opportunities. Carrie Meek will continue to serve on the Meek’s Board of Directors, helping to guide the company’s strategy.
“Angeles Equity Partners and Clearlake have significant building products experience, and a proven ability to create value and enable growth in the businesses in which they invest,” said Carrie Meek and Charlie Meek said in a joint-statement. “We are confident Angeles and Clearlake are the best partners to help grow the business and achieve its full potential.”
In conjunction with the acquisition, James Drexinger has been appointed CEO of both Meek’s and ACS. Drexinger will leverage more than 30 years of experience driving LBM industry success in his new role.
“Meek’s is a people business built on local customer relationships. Together with the management team, our salespeople, and our associates, we will be leveraging our shared strengths to become a leading national building products distributor through operational excellence and customer focus,” Drexinger said.
No comments found