Lumber and building materials distributor American Construction Source (ACS) acquired Weaver Lumber in Redding, Calif. Weaver Lumber will continue to operate under its existing local brand name after the deal closes. Simpson Thacher & Bartlett provided legal counsel to ACS and the financial terms of the transaction were not disclosed.
“ACS is pleased to add Weaver Lumber to our growing portfolio of service-oriented lumber and building materials locations,” James Drexinger, CEO of ACS, said in a news release. “The Weaver family has built a highly successful business, and we are excited to partner with the team and further build on their more than 50-year legacy.”
ACS said the deal will expand its LBM distribution, component, and millwork manufacturing capacity, and specialty installation services in the west. Founded in 1963, Weaver Lumber offers lumber, hardware, cabinets, redwood, cedar fencing, decking, windows, doors, insulation, and siding products.
“We are thrilled to join the ACS platform,” Brent Weaver, CEO of Weaver Lumber, said. “ACS brings a deep level of operating expertise and a successful track record of integration and growth. Angeles and Clearlake have significant investment experience creating value and helping businesses achieve their full potential. ACS is the ideal partner to enable us to best serve our customers and accelerate growth of the business.”
The acquisition is the seventh by Springfield, Mo.-based ACS since it was formed in September 2018. ACS, backed by private equity firms Angeles Equity Partners and Clearlake Capital Group, was formed after purchasing Meek’s Lumber and quickly expanded with the acquisitions of Edwards Building Center and Breceknridge Building Center in late 2018. The distributor acquired Freeborn Lumber Company in June 2019, Contractor’s Truss Systems in September 2019, and Homewood Holdings in February 2020. ACS operates more than 70 locations in 9 states, serving custom home builders, remodelers, and DIY customers. ACS was the 14th largest company on the 2020 ProSales 100 list, generating $576.63 million in pro sales in 2019.