Jones & Frank Acquires Reliable Oil Equipment
January 2, 2013
Raleigh, NC January 2, 2013. Jones & Frank announced that it has acquired the assets of Reliable Oil Equipment - a distributor and service provider headquartered in Dayton, Ohio on Dec 21, 2012.
The addition of Reliable Oil Equipment to Jones & Frank will create a combined organization with 22 branch offices, 3 distribution centers and personnel in 20 states. Jones & Frank will now employ over 175 certified technicians that are strategically located throughout the combined footprint to deliver a wide array of equipment and services. Customers, employees and vendors will benefit from the stronger organization with greater reach and resources to support retail and commercial customers alike. The integration of both companies will occur over the next several months.
“We are very excited about this acquisition and the depth that the strong team at Reliable adds to our business. The blending of key resources from both organizations will translate into increased efficiencies to better serve our customer,” states Jones & Frank CEO Sterling Baker. “The acquisition also adds to our capacity and geographic presence to better service the single store operator or the national retailer with multiple locations.” Jeff Badgley, President of Reliable notes “Our management team is looking forward to the opportunity this acquisition presents to continue the growth of our service and distribution business throughout the Midwest”.
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About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has managed approximately $4.8 billion of committed capital and has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages over $8 billion across a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts as of December 31, 2019.
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