Private Equity Firm Invests in Leading Value-Add Distributor and Service Provider to the Fuel Infrastructure Market
New York. January 4. 2012 - MidOcean Partners (“MidOcean”), a leading private equity firm, announced today that it has acquired a majority equity position in Jones & Frank, the leading value-add equipment distributor and repair, maintenance, and installation services provider to the fueling infrastructure industry.
Founded in 1945 and headquartered in Raleigh, North Carolina, Jones & Frank is one of the leading distributors, servicers, and installers of fueling equipment such as fuel dispensers, fuel storage tanks, pumps, nozzles, hoses, valves, point of sale systems, electronic displays and related components to retail fueling stations, commercial and government fleets, and emergency power customers. The Company's network of 12 branch locations, two distribution centers, and 120 technicians across fourteen states positions Jones & Frank as one of the few companies capable of servicing retail and commercial customers with locations spanning multiple regions.
MidOcean is investing alongside the current management team, as well as the former majority owner BB&T Capital Partners. Concurrent with MidOcean's investment, Don DeFosset, a MidOcean Executive Board member, will become Chairman of Jones & Frank. Mr. DeFosset brings a wealth of experience to
the board of directors of Jones & Frank through his long career in the industrials sector, holding senior leadership positions at James Hardie Industries, Walter industries, Dura Automotive, Navistar, AlliedSignal, Mack Trucks, and Rockwell International and board positions at ITT, Terex, National Retail Properties, and Regions Financial Corp. The new Board of Directors will also include MidOcean Executive Board Member Michael Baughan, former President and COO of B/E Aerospace, and David Beatson, a longtime executive in the logistics sector.
“Over the course of the past few years. MidOcean has been evaluating opportunities in the value-added distribution and logistics sector, and we found Jones & Franks leading position in the marketplace, the recurring nature of its aftermarket business, and its excellent management team very compelling.” Said Frank Nash, a MidOcean Managing Director. “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.”
“I am extremely excited about our new relationship with MidOcean Partners. Their financial expertise and seasoned executive team provide the additional vision and support that we were seeking as we continue to grow our business,” Jones & Franks CEO and President, Sterling Baker, commented. “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.”