MidOcean Partners Recaps Jones & Frank

MidOcean Partners has led a recapitalization of Jones & Frank, a provider of equipment distribution, repair, maintenance and installation services for the fueling infrastructure industry. BB&T Capital Partners and management remain minority investors in the business. Jones & Frank is based in Raleigh, North Carolina.

BB&T Capital Partners (“BBTCP”) is pleased to announce the successful recapitalization of Jones & Frank in a financing led by MidOcean Partners. BBTCP and management will remain minority investors in the business going forward.

Jones & Frank is the leading provider of equipment distribution, repair, maintenance and installation services for the fueling infrastructure industry. Sterling Baker, Jones & Frank’s CEO and President, commented “BB&T Capital Partners acquired a majority equity position in Jones & Frank backing the management team’s acquisition of the company from the founder in 2009. Their insight on strategy, acquisitions, and debt structure supported the management team during a time of significant growth for our Company. I came to rely upon Martin Gilmore, a partner at BB&T Capital Partners, as a seasoned business executive with insightful guidance on significant business decisions without being intrusive to the management team or my leadership style. I would not hesitate to partner with BBTCP on future deals should the opportunity ever arise.”

The investment was led by Martin Gilmore, Chris Jones, Scott Snow and Brad Burton. BlackArch Partners served as exclusive financial adviser on the sale of the company.

About Jones & Frank
Headquartered in Raleigh, North Carolina, Jones & Frank ( www.jones-frank.com) is the leading value-add distributor and provider of repair, maintenance and installation services to the fueling infrastructure industry. The Company distributes, installs and services fueling equipment to retail fueling stations, commercial and government fleets, and emergency power customers. Jones & Frank predominately covers the Atlantic seaboard from Maine to Georgia and commands the #1 market position in the majority of its operating areas.

About BB&T Capital Partners
BB&T Capital Partners ( www.bbtcp.com) manages over $725 million in committed capital across three funds, all of which are focused on the middle market. The firm makes direct equity investments in control transactions of privately-held companies; provides subordinated debt or mezzanine capital in support of transactions led by financial sponsors and others; and invests in other private equity funds. Since 1998, BBTCP has invested in over 35 privately-held, middle-market companies in a variety of industries, providing patient capital to facilitate buyout, acquisition, growth and recapitalization transactions. BBTCP’s investing strategy focuses on a partnership approach with management with a common goal of long-term value creation.