American Construction Source Acquires Weaver Lumber
American Construction Source ("ACS (News - Alert)"), a leading national building materials distribution platform for custom home builders and repair and remodel contractors, backed by Angeles Equity Partners, LLC ("Angeles") and Clearlake Capital Group, L.P. (together with its affiliates "Clearlake"), today announced the acquisition of Weaver Lumber ("Weaver"). Weaver will continue to operate under its existing local brand name of Weaver Lumber.
"ACS is pleased to add Weaver Lumber to our growing portfolio of service-oriented lumber and building materials locations," said James Drexinger, CEO of ACS. "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."
"We are thrilled to join the ACS platform," said Brent Weaver, CEO of Weaver Lumber. "ACS brings a deep level of operating expertise and a successful track record of integration and growth. Angeles and Clearlake have significant invetment 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."
Simpson Thacher & Bartlett LLP provided legal counsel to ACS. Financial terms of the transaction were not disclosed.
About Weaver Lumber
Serving customers since 1963, Weaver's talents and capabilities focus on service as the solution for loyal relationships with builders, professional remodelers, and sophisticated DIY consumers. Weaver Lumber offers lumber, hardware, cabinets, redwood, cedar fencing, decking, windows, doors, insulation, siding, and more with a focus on delivering great customer service experiences. Learn more online at www.weaver-lumber.com.
American Construction Source is an LBM distributor with 70+ locations in 9 states serving the needs of custom home builders, repair & remodel contractors, and DIY consumers. ACS provides lumber and building materials businesses the resources, leverage, and focus to make their ideas happen. Recognizing the value and heritage of deep, local customer relationships as a strong foundation for growth, ACS best practices are designed to leverage shared strengths, drive operational excellence, and motivate performance to create a leading building products distributor with a national footprint and the industry's best customer experience. ACS is backed by Angeles Equity Partners and Clearlake Capital Group. Learn more online at www.acs-lbm.com.
About Angeles Equity Partners, LLC
Angeles Equity Partners, LLC is a private equity firm that invests in companies across a wide range of sectors and specifically targets businesses which it believes can directly benefit from the firm's strategic, operational, and M&A capabilities. The Angeles skill set drives the firm's investment philosophy and, in its view, can help businesses reach their full potential. Learn more online at www.angelesequity.com.
Clearlake Capital Group, L.P. is a leading private investment firm founded in 2006. With a sector-focused approach, the firm seeks to partner with world-class management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake's operational improvement approach, O.P.S.® The firm's core target sectors are industrials, technology, and consumer. Clearlake currently has approximately $24 billion of assets under management and its senior investment principals have led or co-led over 200 investments. More information is available at www.clearlake.com.
Smarter Strategies for IoT Deployment