YOUR BUSINESS AUTHORITY
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.
Purple Panda Filipino Food expanded; T-Mobile made its Ozark debut; and the first Queen City branch for Poplar Bluff-based First Midwest Bank opened.