Senior and subordinated debt for the transaction was provided by SunTrust Bank and Parkway Capital Investors, [image-nocss] respectively. Matrix Capital Markets Group served as exclusive financial advisor to Jones & Frank. The transaction was led by Mike Morrison, Bill Kerkam, David Shoulders and Lauren Sharp.
"This transaction provided both liquidity for existing owners, as well as a mechanism to provide future ownership to employees," said Sterling Baker, CEO of Jones & Frank.
O.L. Everett, former majority shareholder, added, "We hired Matrix Capital to execute a formal process and were very pleased with the results. BB&T Capital Partners emerged as the best choice to support the company's continued growth and profitability."
Martin Gilmore, partner at BB&T Capital Partners, said, "This transaction will provide significant capital for continued growth, and in particular, an active industry consolidation strategy. We believe that there is significant opportunity in the fuel equipment distribution and service sector, as shifting demands, stiffening regulatory requirements and new technology drive continual change."
Mike Morrison, managing director and principal of Matrix Capital Markets Group, Richmond, Va., said, "Jones & Frank's consistent performance and strong management team enabled us to attract strong interest for this recapitalization. We are excited to see O.L. Everett and Sterling Baker begin a new partnership with an investor that understands the industry and shares their vision."
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