Meek’s Lumber acquired by private equity firms
LOS ANGELES — Angeles Equity Partners, LLC, and Clearlake Capital Group, L.P., both private investment firms, have acquired 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 U.S.
“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.”
Members of the Meek family will remain actively involved in the company. Charlie Meek will remain a member of the executive team as the Executive Vice President responsible for Business Development. Carrie Meek will continue to serve on the Meek’s Board, helping to guide the company’s strategy.
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.
“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 Drexinger.
Meek’s was founded in 1919 and is a previous LBM Journal Entrepreneur of the Year.