Private-equity group buys stake in firm with Norfolk ties

Posted to: Business Norfolk
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By Josh Brown
The Virginian-Pilot
© January 5, 2012

NORFOLK

A private-equity firm has acquired a majority stake in Jones & Frank, a distributor and installer of fuel and fluid-handling systems, the company announced Wednesday.

Jones & Frank, which employs 46 workers in Norfolk, is based in Raleigh, N.C.

New York-based MidOcean Partners, the equity firm, bought the majority stake for an undisclosed amount from BB&T Capital Partners, according to a news release from Jones & Frank.

The fuel-systems company was founded in Norfolk and has 12 offices and two distribution centers along the East Coast.

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