SPRINGFIELD, SEPTEMBER—Just before reaching its 100th anniversary in the Meek family this fall, their namesake lumber and supply company was sold to two private investment firms in California.
Angeles Equity Partners LLC and Clearlake Capital Group LP, both based in Santa Monica, partnered in September to form American Construction Source and buy out Meek’s Lumber Co. Terms of the deal for Meek’s were not disclosed.
“The Meek family had been looking for outside investors to grow the business on a national scale,” said Trent Waterhouse, an independent marketing and advertising adviser for Angeles. “It’s about growing from being good locally to having great national reach.”
At the time of the sale, Meek’s operated 54 stores in Missouri, Arkansas, Nevada and California, and most recently reported annual revenue of $325 million in an October 2017 Springfield Business Journal article.
Less than two months after the deal, six Missouri stores were consolidated, including the closure of the 3250 E. Sunshine St. store and consolidation of its operations into the 1551 W. Mount Vernon St. location off Kansas Expressway.
“A total of 20 employees across the six locations have been affected by the consolidations,” Waterhouse said in November.
Meek’s joined Clearlake Capital’s portfolio of 46 companies and it became the third under the Angeles Equity umbrella. Clearlake Capital has managed $8 billion of institutional capital since its inception in 2006, according to its website.
At the time of the purchase, Waterhouse said the Meek’s name and management would remain in place.
Charlie Meek, a fourth generation family member to work in the business, is now vice president of business development after holding the title of CEO for a year. James Drexinger, an adviser with Angeles, replaced Meek as CEO.
Eric Sachse continued in his role as general manager of Meek’s Midwest division, and Matthew Blair remained the general manager for the Western division.
Carrie Meek, also a fourth generation family member in the business, who last year was appointed chairwoman to the family’s board of directors, previously led West Coast operations. Officials say she retained her board seat.
Meek’s was privately owned since Charles C. Meek founded it in 1919 in Lockwood. The company moved to Springfield in the early 1930s.
Brothers Terry and Bill Meek, who ran the business for decades and built it from a $20 million operation, both retired in September 2017.
SBJ compiles news on the respiratory virus outbreak.
Joe Daues, CEO of the Breast Cancer Foundation of the Ozarks says he wants to focus on collaboration and developing long term partnerships with other not for profits. Daues says this will allow …
Since Justin Larkin hasn’t been able to perform publicly because of the pandemic, the singer-songwriter has been writing new material. Larkin says he’s excited to be creating new music in his …
Richard Ollis, CEO of Ollis/Akers/Arney, says clearly defined goals and teamwork will prepare you for success. Listen to others’ perspectives to help find a better game plan. Duration: 1:22
Author and Consultant Rosie Ward says only one third of employees are engaged in their wellness program. She says one organization has been examining how to reduce healthcare costs and encourage …
Speaker, coach and writer Erika Gerdes says there is a deep seated belief that you must choose between fulfillment and success. Gerdes says she had to change her mindset to see it’s possible to …
Taylor Otwell, CEO of Laravel, started his company as a way to prototype ideas, but ended up releasing the application to the world. Now others use it to build their businesses. Duration: 1:16
Hal Donaldson, CEO of Convoy of Hope, says one of their secrets is partnering with others. Look for partners who have the same heart, passion and goals. Duration: 0:55
Elizabeth Hurst, business development manager with HR Advantage, says performance based culture helps build an environment which fosters employee strengths, identifies talent gaps and creates …
Michael Wehrenberg, president of Wehrenberg Design Company says he discovered their business model by accident. He says using a flat fee structure to build and maintain websites is beneficial to them …
Todd Nielsen, chief strategy officer with JMark, says when dealing with a remote team, it’s important to see your coworkers. Seeing expressions can help you read emotional states, observe stress …