Jones & Frank distributes, services, and installs fuelling equipment such as dispensers, storage tanks, pumps, nozzles, hoses, valves, point of sale systems, electronic displays and related components to retail fuelling stations, commercial and government fleets, and emergency power customers.
Founded in 1945 and headquartered in Raleigh, North Carolina, the company operates through a network of 12 branches and two distribution centres, and employs around 120 technicians across fourteen states.
MidOcean is investing alongside the current management team, as well as the former majority owner BB&T Capital Partners. Financial terms of the deal were not disclosed.
Frank Nash, a managing director at MidOcean, said, “Over the course of the past few years, MidOcean has been evaluating opportunities in the value-added distribution and logistics sectors, and we found Jones & Frank’s leading position in the marketplace, the recurring nature of its aftermarket business, and its excellent management team very compelling.
“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,” he added.
In October last year MidOcean also invested in Global Knowledge, the world’s largest independent training provider.
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