New York private equity firm MidOcean Partners has acquired a majority ownership stake in Raleigh-based Jones & Frank, a company that sells petroleum equipment and services to convenience stores and other customers.

Terms of the deal weren't disclosed.

Jones & Frank relocated its corporate headquarters to Raleigh from Norfolk, Va. in 2010.

The company has 12 branch offices along the East Coast and about 300 employees, including 120 service technicians.

Jones & Frank's corporate headquarters are on St. Mary's Street. The company also has a branch and distribution center on Old Poole Road.

This is MidOcean's second acquisition of a Triangle company in recent months.

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.