Edwards Building Center and Breckenridge Building Center have been acquired by Angeles Equity Partners and Clearlake Capital Group via their portfolio company American Construction Source (ACS), the private investment firms announced today. The financial terms of the transaction were not disclosed.
Angeles and Clearlake formed ACS last week as part of their acquisition of Meek's Lumber. At the time of the acquisition, the firms indicated ACS was formed "to acquire Meek's and additional lumber and building material businesses to create a leading national building products distributor with the resources, leverage, and focus to deliver the LBM industry's best customer experience."
James Drexinger, CEO of ACS, said the company "will set ambitious new goals to continuously leverage sourcing scale, drive operational excellence, and identify new ways to be the most trusted building products supplier" in the markets it serves.
Family-owned Edwards Building Center and Breceknridge Building Center are focused on providing custom home builders, building professionals, and sophisticated DIY customers a comprehensive portfolio of LBM products and services in several major Colorado metro markets. Both businesses will continue to serve their customers under their current local brand names, the news release indicated.
“This acquisition is immediately accretive and adds two iconic brands to support the American Construction Source goal of creating a leading national building products distributor with the industry’s best customer experience,” Timothy Meyer and Jordan Katz, co-founders and managing partners of Angeles, said in the news release.
José E. Feliciano, co-founder and managing partner of Clearlake, and James Pade, principal of Clearlake, said the acquisition underscores Clearlake's "commitment to consolidate the building products distribution sector and promote operational best practices."
Several key management positions at Edwards Building Center and Breckenridge Building Center will remain with the businesses as they join the ACS portfolio. Mike Burk will continue to serve as the Regional Manager and General Manager of Edwards Building Center while Denny Rogstad will continue to serve as the General Manager of Breckenridge Building Center.
The news release quoted Burk as saying Angeles and Clearlake "are the best partners to create value and enable growth through ACS to help our business reach its full potential."