Angeles Equity Partners and Clearlake Capital Acquire Colorado LBM Businesses via American Construction Source
October 2, 2018
Edwards Building Center and Breckenridge Building Center Continue Legacy
of Superior Quality and Experienced Service
LOS ANGELES–(BUSINESS WIRE)–$Lumber #buildingmaterials—Angeles
Equity Partners, LLC (“Angeles”), a private investment firm focused
on value creation through operational transformation, and Clearlake
Capital Group, L.P. (“Clearlake”), a leading private investment
firm, today announced their portfolio company American
Construction Source (ACS) has acquired Edwards Building Center and Breckenridge
Building Center in Colorado. Financial terms of the transaction were
not disclosed.
Edwards Building Center and Breckenridge Building Center provide custom
home builders, building professionals, and sophisticated DIY customers a
comprehensive portfolio of lumber and building materials (LBM) products
and services in key Colorado metro markets. Both businesses will
continue serving their customers under their current local brand names.
“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,” said Timothy
Meyer and Jordan
Katz, Co-Founders and Managing Partners of Angeles Equity
Partners.
“Clearlake looks forward to partnering with the Colorado management
team as part of the American Construction Source platform,” said José
E. Feliciano, Co-Founder and Managing Partner of Clearlake
and James
Pade, Principal of Clearlake. “This acquisition
underscores our commitment to consolidate the building products
distribution sector and promote operational best practices through our
O.P.S.® approach.”
Key management from Edwards Building Center and Breckenridge Building
Center will remain with the business as it joins the ACS portfolio. Mike
Burk continues as Regional Manager and General Manager of Edwards
Building Center. Denny
Rogstad continues as General Manager of Breckenridge Building Center.
“We are confident Angeles and Clearlake are the best partners to
create value and enable growth through ACS to help our business achieve
its full potential,” said Burk. “Our customers appreciate our
attention to detail and how we deliver on our promises.”
“Edwards Building Center and Breckenridge Building Center are great
LBM businesses,” said James
Drexinger, CEO of ACS. “We remain committed to the
‘Getting it Right Every Day’ mentality, and we 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 local markets we serve.”
About Edwards Building Center and Breckenridge Building Center
Since 1970, our family-owned and operated LBM business has been focused
on custom home builders, building professionals, and sophisticated DIY
customers in the Eagle County, Summit County, Park County, Aspen, Vail,
and Denver, Colorado metro markets. The company’s focus on experienced
employees delivering personalized customer service and superior quality
building products have enabled steady growth to become the top building
products distributor in the local markets we serve. Learn more online at www.breckenridgebuildingcenter.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
capabilities in operational transformation and strategic repositioning.
This skill set drives the firm’s investment philosophy and, in its view,
can help underperforming businesses reach their full potential. Learn
more online at www.angelesequity.com.
About Clearlake
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 and energy; software and
technology-enabled services; and consumer. Clearlake has managed over $8
billion of institutional capital since inception and its senior
investment principals have led or co-led over 100 investments. More
information is available at www.clearlake.com.
About American Construction Source (ACS)
ACS American Construction Source provides lumber and building materials
(LBM) 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.
Contacts
Angeles Equity Partners, LLC
Media Contact
Trenton
Waterhouse, 1-623-523-1672
info@angelesequity.com
or
Clearlake
Media
Contacts
Kristin Celauro, 1-732-433-5200
Kristin@blicksilverpr.com
or
Jennifer
Hurson, +1-845-507-0571
Jennifer@blicksilverpr.com