Jones & Frank Acquires PSI
Jones & Frank, a portfolio company of MidOcean Partners and the premier provider of fueling system solutions in North America, announced today that it has acquired Petroleum Solutions, Inc. (“PSI”). Headquartered in Edinburg, Texas, PSI is a full-service provider of petroleum equipment distribution, maintenance and installation services to customers across Texas. The combined capabilities of these two leading companies further strengthen Jones & Frank’s position in the petroleum equipment industry and enable Jones & Frank to better serve its customers’ fueling equipment needs in Texas and the greater Southwestern US and Gulf Coast markets.
Keith Shadrick, CEO of Jones & Frank, said “I am very excited about the opportunities that this combination creates for our company and our customers. PSI has a very strong reputation for integrity built on a foundation of outstanding customer service, operational excellence and exceptional expertise in product support. These capabilities will bolster Jones & Frank’s strong sales, service and installation networks, providing our customers with more comprehensive support for all of their fueling equipment needs. PSI has become an industry leader over the last 50 years under the leadership of Tom and Mark Barron and John Keller. PSI will become Jones & Frank’s Southwest region and will continue to operate under Mark and John’s thoughtful leadership. Tom Barron intends to retire but has generously agreed to advise me during the transition period in a consulting capacity. PSI is perfectly positioned to connect our leading footprint in the Southeastern US with our Phoenix, Arizona distribution center, which will create exciting professional opportunities for all members of the combined Jones & Frank and PSI team as we pursue organic growth throughout the Southwestern US and Gulf Coast markets.”
“I am immensely proud of what PSI has accomplished over the last 50 years and how we have been able to support the growth of our customers across Texas,” said Tom Barron, CEO of PSI. “Jones & Frank is the perfect home for the PSI team given the values shared by our companies.”
Barrett Gilmer, Managing Director of MidOcean Partners, said “The acquisition of PSI is consistent with our strategy of building the petroleum equipment industry’s leading solution provider in Jones & Frank. Jones & Frank is a world-class company, and its hallmark is providing best-in-class service and high-quality solutions across its customer base. We look forward to continuing to grow Jones & Frank’s footprint across North America both organically and through acquisition.”
The terms of the transaction were not disclosed. Gibson, Dunn & Crutcher LLP acted as legal advisor to Jones & Frank. Pasadera Capital served as financial advisor and Chamberlain, Hrdlicka, White, Williams & Aughtry acted as legal advisor to PSI.