A company that sells petroleum equipment and services to convenience stores and other customers has relocated its corporate headquarters to Raleigh from Norfolk, Va.
Jones & Frank moved into new offices on St. Mary's Street about two weeks ago. Four executives made the move and CEO Sterling R. Baker said he expects to hire about 20 more people over the next 6-12 months.
The office will include the company's management team, accounting and IT employees, and others. Jones & Frank signed an eight-year lease on 5,000 square feet with the right to expand into another 3,000 to 4,000 square feet, Baker said.
The relocation fits with the company's operations along the East Coast, but Raleigh also is home for Baker, 41, who graduated from UNC Chapel Hill in 1992.
The company has 11 branch offices from Atlanta to Philadelphia and employs about 240 people companywide. Its Raleigh branch and distribution center on Old Poole Road has about 50 workers.
Jones & Frank had nearly $100 million in revenue last year and is up 30-40 percent this year, Baker said.
"That's a difficult growth rate to continue, but we absolutely plan to grow," Baker said. "We're looking at a lot of acquisition opportunities and geographical expansion."
Jones & Frank, which was founded in 1945, sells gas pumps, back-up generators, tanks and card-processing equipment to convenience store chains and other customers. Some of its growth is being fueled by new technology and regulatory requirements.
The headquarters move follows Jones & Frank's purchase in December by an investor group led by BB&T Capital Partners and the company's management.