MidOcean Partners Announces that The JF Petroleum Group Enters into a Definitive Agreement to Acquire the Assets of Elite Petroleum Inc.

March 8, 2021

Morrisville, NC – March 8, 2021 – MidOcean Partners announced today that The JF Petroleum Group, a MidOcean Partners portfolio company and the premier provider of fueling system solutions in North America, has entered into a definitive agreement to acquire the assets of Elite Petroleum Inc. Headquartered in Greenville, SC, Elite is a turnkey construction services company serving the Palmetto State. Effective April 1, 2021 all current employees of Elite will become JF Petroleum Group Employees. The addition of Elite to the JF Petroleum Group’s Southeast Region strengthens its market leadership position in the petroleum equipment industry and enhances its ability to serve customers’ by adding additional turnkey construction services to its retail and commercial offerings.

Keith Shadrick, CEO of the JF Petroleum Group, stated “Given the growing demand for construction services in our Southeast Region, this acquisition will significantly enhance our ability to provide best in class turnkey solutions to our customers. We have enjoyed a long-standing relationship with Elite and have partnered on numerous projects throughout the years. Elite is recognized in the petroleum equipment industry for its exceptional quality and commitment to customer satisfaction. As one unified team, we will be stronger and will be able to provide even greater value to our customers. We are proud to welcome Gary Jacques and the employees of Elite to the JF Petroleum Group!”

“I am extremely proud of our employees,” said Gary Jacques, the founder of Elite Petroleum Inc. “The JF Petroleum Group is the perfect home for us moving forward given our long-standing and trusting relationship.”

*          *        *        *

About JF Petroleum Group

The JF Petroleum Group (formerly Jones & Frank) is a leading provider of turn-key distribution, construction and service solutions to the North American fueling infrastructure industry.  The company serves retail fueling stations, commercial and government fleets, and emergency power customers through its network of 33 branch offices, 4 distribution centers and approximately 1,000 employees located across the United States.  The JF Petroleum Group represents the premier products in the fueling infrastructure marketplace, including Gilbarco Veeder-Root, VeriFone, OPW, Franklin Fueling and Containment Solutions.  To learn more, visit www.jfpetrogroup.com.

About MidOcean Partners

MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.

MidOcean Media Relations Contacts
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
212-257-4170
midocean@gasthalter.com

MidOcean Investor Relations Contact
Allison Donohue
Investorrelations@midoceanpartners.com