RALEIGH, N.C. -- Petroleum equipment distributor Jones & Frank has announced that MidOcean Partners, a leading private-equity firm, has acquired the majority equity position of the company from BB&T Capital Partners (BBTCP).
Jones & Frank is one of the leading value-add equipment distributors, service providers and installers serving the fueling infrastructure marketplace with 12 branch offices and two distribution centers located along the Atlantic seaboard of the United States.
"Jones & Frank has expanded organically and through several key acquisitions to meet the needs of our growing customer base. The technological convergence of payment security, video at the pump and near-field communication (NFC) within the petroleum retailing and convenience store industry are requiring greater capital investments and long-term support. Our new partnership with MidOcean will allow us to continue to invest in the additional infrastructure and technical expertise to support our customers' needs," said Sterling Baker, CEO of Raleigh, N.C.-based Jones & Frank.
He added, "We will continue to build on our value-add service and distribution model with a focus on delivering the highest-quality services to support legacy and cutting-edge technologies through the largest and best-trained network of technicians in the industry."
Frank Nash, a MidOcean managing director, said, "We are very impressed with the entire Jones & Frank management team, all of whom are investing alongside MidOcean as part of this transaction. We look forward to partnering with the management team to grow the business organically and through significant acquisitions."
And Martin Gilmore, partner at BBTCP, said, "BB&T Capital Partners has enjoyed working with such a strong management team at Jones & Frank. The Company's exceptional track record of growth and market leadership has been driven both by the execution of its organic growth strategy as well as through acquisitions."
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