Backed by Investors, ACS Acquires MN’s Foley Lumber
Originally published by: HBS Dealer — April 2, 2021
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American Construction Source (ACS) announced that it has acquired Foley Lumber and Milaca Building Center.
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. Financial terms of the acquisition were not disclosed.
“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.”
Based in Springfield, Mo., American Construction Source operates more than 70 locations in 9 states serving custom home builders, repair & remodel contractors, and DIY consumers. ACS is backed by Angeles Equity Partners and Clearlake Capital Group.