Just before its 100th anniversary in the Meek family, their namesake lumber and supply company is under new ownership by two private investment firms in California.
Angeles Equity Partners LLC and Clearlake Capital Group LP, both based in Santa Monica, partnered last month to buyout Meek’s Lumber Co. Officials in California say members of the Meek family approached them about a sale.
Angeles Equity Partners and Clearlake Capital Group formed American Construction Source to acquire Meek’s and other building materials companies. Terms of the deal for Meek’s were not disclosed, and Meek family members were not available for comment.
“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.”
Meek’s operates 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.
In the move, the investment firms are establishing a national headquarters for American Construction Source in Springfield. The newly established holding company would manage two recently acquired Colorado distributors – Breckenridge Building Center Inc. and Edwards Building Center LLC.
Clearlake has a portfolio of 46 companies, including Jacuzzi Inc. and International Textile Group Inc., and has managed $8 billion of institutional capital since its inception in 2006, according to its website.
Angeles has two companies, Applied Acoustics International and ERP Power LLC, in its portfolio.
Waterhouse said the Meek’s name and management will remain in place at all 54 locations. For the local lumber company, the partnership with the two firms grants a path for expansion, said Eric Sachse, Meek’s Midwest division general manager.
Charlie Meek, a fourth generation family member to work in the business, is now in the role of vice president of business development after holding the title of CEO for a year. James Drexinger, an adviser with Angeles, replaces Meek as CEO.
“Two main things for him to focus on are maintaining and acquiring large customer relationships,” Waterhouse said of Charlie Meek’s new role, “and his second responsibility is looking at additional merger and acquisition opportunities.”
Sachse will remain general manager of the Midwest division, and Matthew Blair will remain the general manager for Western division of Meek’s.
“We’re not going to change who we are,” Sachse said.
He added that the exposure to new markets and the ability to work with companies under the ACS umbrella was exciting and a chance to see different strategies and practices.
Carrie Meek, also a fourth generation family member in the business, and last year was appointed chairwoman to the family’s board of directors, previously led West Coast operations. She retains her board seat, officials say.
“We are confident Angeles and Clearlake are the best partners to help grow the business and achieve its full potential,” Charlie Meek said in a news release, noting the companies have a “proven ability to create value and enable growth in the businesses in which they invest.”
Meek’s was privately owned since Charles C. Meek the family 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, according to past SBJ reporting. As recently as late 2017, there were more than 40 family members as company shareholders.
“We will celebrate next year – nothing has changed,” Sachse said. “The reasons for the sale transaction were just opportunity for employees who work in the company to grow and the opportunity to provide better services and sourcing from the vendor community.”
SBJ compiles news on the respiratory virus outbreak.
Life coach Ann Leach says having a structured routine helps her maintain a positive attitude during difficult times. She says it might seem to be anathema to a creative spirit, but the framework …
Motivational speaker Zach Troutman says his grandmother and a coach helped him discover his passion. He founded Follow the Leader to normalize conversations about mental health after dealing with …
Independent consultants Mary Overbey, Damion Trout and Lucas Walker discuss ways businesses can reduce the time it takes to recover from the pandemic. They say proactively planning, setting goals …
Technology business consultant Mackenzie Scherer says many small business owners don’t understand the need for a business website or social media. Scherer says there are three steps to establish an …
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