Jones & Frank Sold to Investors
RICHMOND, Va. -- Jones & Frank Corp., a provider of petroleum equipment and services to the retail and commercial petroleum industry, was sold to an investor group led by BB&T Capital Partners, and included Parkway Capital Investors, former owners and existing management team, according to Matrix Capital Markets Group Inc., the company that served as exclusive financial advisor to Jones & Frank.
Founded in 1945 and based in Norfolk, Va., Jones & Frank services the East Coast, and was the 2008 Gilbarco/Veeder-Root's "Southern Distributor of the Year" award for outstanding sales performance. The company employs more than 200 employees.
"This transaction provided both liquidity for existing owners, as well as a mechanism to provide future ownership to employees," said Jones & Frank CEO Sterling Baker, in a statement
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."
Senior and subordinated debt for the transaction was provided by SunTrust Bank and Parkway Capital Investors, respectively. The transaction was led by Mike Morrison, Bill Kerkam, David Shoulders and Lauren Sharp, Matrix stated.
"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," Martin Gilmore, partner at BB&T Capital Partners, said in a statement. "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."
Founded in 1945 and based in Norfolk, Va., Jones & Frank services the East Coast, and was the 2008 Gilbarco/Veeder-Root's "Southern Distributor of the Year" award for outstanding sales performance. The company employs more than 200 employees.
"This transaction provided both liquidity for existing owners, as well as a mechanism to provide future ownership to employees," said Jones & Frank CEO Sterling Baker, in a statement
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."
Senior and subordinated debt for the transaction was provided by SunTrust Bank and Parkway Capital Investors, respectively. The transaction was led by Mike Morrison, Bill Kerkam, David Shoulders and Lauren Sharp, Matrix stated.
"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," Martin Gilmore, partner at BB&T Capital Partners, said in a statement. "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."