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.