Daily News: January 18, 2012

MidOcean Partners Leads Recapitalization of Jones & Frank

BB&T Capital Partners (BBTCP) announced the 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 provider of equipment distribution, repair, maintenance and installation services for the fueling infrastructure industry.

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.

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.”

BB&T Capital Partners manages over $725 million in committed capital across three funds, all of which are focused on the middle market.