Centre Lane Partners, a New York-based private equity firm, has become the new owners of The Merit Group, a distributor of paint sundry- and drywall-related products. The company will continue to operate under the current management team and business structure, according to the announcement.
“This is an exciting time for our company,” said Mitch Jolley, CEO of the Merit Group. “Centre Lane has a strong vision for growth and will take an aggressive approach in continuing to position us as the leading company in the sundry distribution industry. We are eager to get back to the business of being a valued partner to our vendors and customers.”
Headquartered in Spartanburg, S.C., The Merit Group distributes its products through its Lancaster, Five Star, and Merit Trade Source and Merit Pro trade names. In May 2011, the company filed a voluntary petition for Chapter 11 reorganization in the U.S. Bankruptcy Court for the District of South Carolina. At the time, the company’s management team and advisers said they would focus on a potential sale of the business or a strategic investment in the next 90 days.
The Merit Group serves more than 10,000 retail locations, including national, regional and independent paint chains, home improvement centers, hardware stores, lumberyards and drywall yards through its seven regional distribution centers.