The private equity pair created ACS three years ago, initially acquiring more than 100-year-old Meek’s Lumber Company, with the aim of creating a leading national building products distributor.
A statement from Angeles co-founder Tim Meyer and principal Sam Heischuber said, “We have significant experience in this sector, and committed substantial operational and M&A resources to realize our investment thesis in ACS.
“The operational results we were able to achieve are, in our view, a testament to our value creation model.”
Another statement from Clearlake co-founder José Feliciano and partner James Pade said, “Several years ago, Angeles and Clearlake identified the LBM space as a highly fragmented market ripe for disciplined consolidation with a focus on higher value niches.
“We believed we could build a differentiated platform that would benefit from a commercial strategy geared towards custom home builders, as well as an emphasis on key growth markets, and a focus on the residential renovation market.”
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