The JF Petroleum Group Announces a Definitive Agreement to Acquire the Assets of the RC Development Group

September 20, 2021

MORRISVILLE, N.C.--(BUSINESS WIRE)--The JF Petroleum Group, a MidOcean Partners portfolio company and the premier provider of fueling system solutions in North America, announced today that it has entered into a definitive agreement to acquire the assets of RC Development Group Inc. Headquartered in Northeast Florida, the RC Development Group is a turnkey construction services company specializing in commercial petroleum applications and environmental services. The acquisition of the RC Development Group will strengthen The JF Petroleum Group’s Southeast Region’s market leadership position in the petroleum equipment industry and enhance its ability to serve customers by adding additional turnkey services to its environmental and commercial construction 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 will also enhance the offerings and capabilities the RC Development Group has today, delivering a greater value proposition to their existing client base. The RC Development Group is widely recognized in the state of Florida for its exceptional quality, expertise in fuel system design and environmental services, and passion for customer satisfaction. The RC Development Group has been serving customers in Florida for over twenty-eight years and they have an experienced and professional team that is well versed in all aspects of prime general contracting and operating as a pollutant storage contractor. We are proud to welcome Roger Combs and the employees of the RC Development Group to the JF Petroleum Group family!”

“I am extremely proud of our team and their amazing accomplishments over the past twenty-eight years,” said Roger Combs, the founder of RC Development Group Inc. “The JF Petroleum Group is the perfect home for us moving forward given our long-standing and trusting relationship and shared values.”

Barrett Gilmer, Managing Director at MidOcean Partners, stated, “The acquisition of RC Development Group is yet another demonstration of our commitment to building the North American petroleum equipment industry’s leading solution provider in the JF Petroleum Group. We are focused on investing in organic growth for the company alongside growth through acquisition nationwide. The acquisition of the RC Development Group layers nicely onto our robust commercial and environmental services offering in a high growth market area.”

*          *        *        *

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