BB&T Capital Buys Jones & Frank Corp.

BB&T Capital Partners has acquired Jones & Frank Corp., a Norfolk, Va.-based provider of petroleum equipment and services on the East Coast. No financial terms were disclosed. Parkway Capital Investors co-invested on the equity, while Parkway and SunTrust Bank provided leveraged financing. Matrix Capital Group managed the sale process.


Matrix Capital Markets Group, Inc. announced today the sale of Jones & Frank Corp. to an investor group that was led by BB&T Capital Partners and included Parkway Capital Investors and the company’s former owners and existing management team. Senior and subordinated debt for the transaction was provided by SunTrust Bank and Parkway Capital Investors, respectively. Jones & Frank Corp., founded in 1945 and based in Norfolk, Virginia, is a leading provider of petroleum equipment and services to the retail and commercial segments of the petroleum industry along the East Coast. Matrix Capital Markets Group served as exclusive financial advisor to Jones & Frank. The transaction was led by Mike Morrison, Bill Kerkam, David Shoulders and Lauren Sharp.

Sterling Baker, CEO, noted that, “This transaction provided both liquidity for existing owners, as well as a mechanism to provide future ownership to employees.” O.L. Everett, former majority shareholder, added, “We hired Matrix Capital to execute a formal process and were very pleased with the results. BB&T Capital Partners emerged as the best choice to support the company’s continued growth and profitability.”

“BB&T Capital Partners is excited to partner with Sterling Baker, CEO, and the Jones & Frank team. Jones & Frank has a long tradition of providing high quality service and support to its customers, which has led to strong, long-standing customer relationships,” commented Martin Gilmore, Partner at BB&T Capital Partners. “This transaction will provide significant capital for continued growth, and in particular, an active industry consolidation strategy. We believe that there is significant opportunity in the fuel equipment distribution and service sector, as shifting demands, stiffening regulatory requirements and new technology drive continual change.”

Mike Morrison, Managing Director and Principal of Matrix Capital Markets Group, commented, “Jones & Frank’s consistent performance and strong management team enabled us to attract strong interest for this recapitalization. We are excited to see O.L. Everett and Sterling Baker begin a new partnership with an investor that understands the industry and shares their vision.”

In 2008, Jones & Frank won Gilbarco/Veeder-Root’s “Southern Distributor of the Year” award for its outstanding sales performance. The company employs over 200 employees. To learn more about Jones & Frank, visit their website at

For Immediate Release

December 21, 2009

For more information, contact:

Managing Directors
Thomas E. Kelso
Jeffrey G. Moore
Michael C. Morrison
William H. Weirich

Spencer P. Cavalier

Vice Presidents
R.H. Butler, Jr.
Cedric C. Fortemps
C. Bryan Johnson
William B. Kerkam, IV

Corporate Headquarters
11 South 12th Street, 3rd Floor
Richmond, VA 23219

100 South Charles St., Suite 1350
Baltimore, MD 21201

About Matrix Capital Markets Group

Matrix Capital Markets Group is a leading middle-market investment bank headquartered in Richmond, Virginia. Since 1988, Matrix has focused on providing merger & acquisition and financial advisory services for corporate and privately-held companies, including sales and divestitures, Staged Liquidity Transactions®, management buyouts, and debt & equity placements. For additional information, please visit