American Construction Source, a Springfield, Missouri-based building materials distributor backed by Angeles Equity Partners LLC and Clearlake Capital Group LP, this week announced the acquisition of Foley Lumber and Milaca Building Center. Financial terms of the deal weren’t disclosed.
Foley and Milaca will operate under their existing local brand names already established in Minnesota. The transaction marks the ninth acquisition by ACS under sponsorship from Clearlake and Angeles.
“The ACS team welcomes Foley and Milaca to our national platform of service-oriented lumber and building materials locations,” said James Drexinger, CEO of ACS. “The Kotsmith family has built a great business over generations, and we respect the customer relationships they have fostered for the last 90 years.”
“We are confident ACS, Angeles, and Clearlake are the best partners to help accelerate growth by delivering more value-added products and an expanded portfolio of services in North Central Minnesota and the greater Minneapolis St. Paul metro area,” said Milaca and Foley owners Chris Kotsmith and Randy Kotsmith. “ACS’s technology investments and national scale will enable Foley and Milaca to better serve our customers for generations to come.”
Simpson Thacher & Bartlett LLP provided legal counsel to ACS. CliftonLarsonAllen Wealth Advisors, LLC served as financial advisers to the sellers.