Angeles Equity Partners, LLC, a private investment firm focused on value creation through operational transformation, and Clearlake Capital Group, L.P., a leading private investment firm, have announced the acquisition of the Meek’s Lumber Company. Financial terms of the transaction were not disclosed.
Meek’s is one of the largest nationally ranked independent building products distributors in the United States (U.S.), serving the needs of homebuilders, contractors, sub-contractors and retail customers from foundation to finish. Angeles and Clearlake bring significant building products sector relationships, investment experience, and operational transformation expertise.
“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,” said Timothy Meyer and Jordan Katz, Co-Founders and Managing Partners of Angeles Equity Partners. “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,” José E. Feliciano, Co-Founder and Managing Partner of Clearlake and James Pade, Principal of Clearlake, said. “We are committed to providing additional capital, leveraging extensive relevant experience, and supporting operational best practices through our proven O.P.S.® approach to build an industry-leading building products distributor with a national footprint.”
Members of the Meek family will remain actively involved, ensuring the personalised 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, 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. “We are confident Angeles and Clearlake are the best partners to help grow the business and achieve its full potential.”
Angeles and Clearlake have formed American Construction Source (ACS) to acquire Meek’s and additional lumber and building materials (LBM) businesses to create a leading national building products distributor with the resources, leverage, and focus to deliver the LBM industry’s best customer experience.
In conjunction with the acquisition, James Drexinger has been appointed CEO of both Meek’s and ACS. Mr. 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,” said Mr. Drexinger.
Irell & Manella LLP served as legal advisor to Angeles. Cooley LLP provided legal counsel to Clearlake. Alston & Bird LLP served as counsel for the transaction financing. Anchor Peabody was the exclusive financial advisor to Meek’s in the transaction and Womble Bond Dickinson LLP was its legal advisor.