Two Santa Monica, California-based private investment firms penned a deal to purchase Springfield-based Meek’s Lumber Co.
Angeles Equity Partners LLC and Clearlake Capital Group LP formed American Construction Source to acquire Meek’s and other companies in the lumber and building materials industries. Terms of the deal for Meek’s were not disclosed in a news release.
“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, co-founder and managing partner of Angeles Equity Partners, in the release. “We look forward to working closely with our partners and members of the Meek family to accelerate growth and drive industry consolidation.”
The private investment firms appointed James Drexinger as the new CEO of Meek’s, as well as American Construction Source. An expert adviser with Angeles since November 2014, Drexinger has more than 30 years of experience working for lumber and building materials businesses.
Meek’s CEO Charlie Meek will stay on as executive vice president of business development, through which he’ll work with customers and examine potential acquisitions. Carrie Meek, who previously led West Coast operations for the company, will remain on the Meek’s board, according to the release.
“We are confident Angeles and Clearlake are the best partners to help grow the business and achieve its full potential,” Charlie Meek said in the release, noting the companies have a “proven ability to create value and enable growth in the businesses in which they invest.”
Clearlake has managed more than $8 billion worth of institutional capital since it was formed. A similar figure was not provided for Angeles.
The acquisition comes a year after Meek’s unified its two divisions over Midwest and West Coast operations and appointed fourth-generation Meek family member Charlie Meek as CEO. Carrie Meek was named chairwoman of a new board of directors in the shakeup, according to past Springfield Business Journal reporting.
The October 2017 SBJ article reported Meek’s produced roughly $325 million in annual revenue. The company, which was founded in 1919 by Charles C. Meek, a year ago operated 46 lumberyards, nearly a dozen distribution centers, and service outlets in Missouri, Arkansas, California and Nevada.
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