Timothy Meyer, co-founder and managing partner of Angeles Equity Partners, with view of Stillwater, MN (Photo composite/Stillwater photo by Sharon Mollerus, from Flickr.com via Creative Commons license)
STILLWATER, MN—Private investment firms Angeles Equity Partners and Clearlake Capital Group say their portfolio company American Construction Source has acquired Arrow Building Center in Stillwater, MN. Financial terms of the transaction were not disclosed.
ABC, also known as Consolidated Lumber Company, is one of the largest nationally ranked independent building products distributors in the country. ABC provides custom home builders, building professionals, and DIY customers a comprehensive portfolio of lumber and building materials products and specialty services in key Minnesota and Wisconsin markets, supported by a new state-of-the-art components manufacturing plant. ABC will continue serving customers under its current local brand name.
“The Arrow Building Center LBM business has been serving customers in the upper Midwest since 1903,” says James Drexinger, CEO of ACS. “We remain committed to providing the efficient 'Arrow Experience', as we look to drive operational excellence and identify new ways to be the most trusted building products supplier in the local markets we serve.”
“We believe the acquisition of ABC is immediately accretive and further demonstrates our commitment to consolidate the building products distribution sector to deliver national scale, personalized service, and the industry's best customer experience,” say Timothy Meyer and Jordan Katz, co-founders and managing partners of Angeles Equity Partners.
“We are pleased to bring ABC, a well-known and respected name, under the growing American Construction Source platform,” says José E. Feliciano, co-founder and managing partner of Clearlake and James Pade, principal of Clearlake. “Clearlake looks forward to partnering with the talented ABC management team as we continue to build the ACS platform and promote operational best practices.”
Key management from Arrow Building Center will remain with the business as it joins the ACS portfolio. Ron Schumacher continues leading ABC as division president, and Ed O'Connor continues as vice president-finance and accounting.
“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,” says Schumacher. “Our customers appreciate our attention to detail and how we deliver on our promises.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
