M&A Deal Summary

Five Points Capital and MidOcean Partners Acquire JF Petroleum Group

On January 4, 2012, private equity firms Five Points Capital and MidOcean Partners acquired distribution company JF Petroleum Group from Parkway Capital and Five Points Capital

Acquisition Highlights
  • This is Five Points Capital’s 6th and MidOcean Partners’ 1st transaction in the Distribution sector.
  • This is Five Points Capital’s 36th and MidOcean Partners’ 26th transaction in the United States.
  • This is Five Points Capital’s 8th and MidOcean Partners’ 2nd transaction in North Carolina.

M&A Deal Summary

Date 2012-01-04
Target JF Petroleum Group
Sector Distribution
Buyer(s) Five Points Capital
MidOcean Partners
Sellers(s) Parkway Capital
Five Points Capital
Deal Type Secondary Buyout

Target

JF Petroleum Group

Morrisville, North Carolina, United States
website
JF Petroleum Group is a turnkey solution provider to the North American fueling infrastructure industry. The company distributes, installs, and services fueling equipment for retail fueling stations, commercial and government fleets, and emergency power customers. JF Petroleum Group was founded in 1945 and is based in Morrisville, North Carolina.

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Buyer(S) 2

Buyer

Five Points Capital

Winston-Salem, North Carolina, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Five Points Capital makes both direct private equity and junior capital investments in US-based middle-market companies. Five Points prefers control based investments and will consider opportunities in a variety of industries. For both equity and mezzanine investments, the Firm looks to commit $5 to $25 million of capital in businesses with at least $10 million in sales and $3 million of EBITDA. Five Points Capital was formerly known as BB&T Capital Partners and re-branded in 2015. The Firm was established in 1997 and is based in Winston-Salem, North Carolina.


DEAL STATS #
Overall 36 of 89
Sector (Distribution) 6 of 8
Type (Secondary Buyout) 6 of 13
State (North Carolina) 8 of 9
Country (United States) 36 of 89
Year (2012) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-09 The Country Vintner

Ashland, Virginia, United States

The Country Vintner (dba Vintners Group) is the second largest distributor of fine wines in the United Sautes and the market leader in the Mid-Atlantic franchise states.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-09 Winebow

Glen Allen, Virginia, United States

Winebow is an independent importer and distributor of fine wine and craft spirits. The company imports a diversified portfolio of 167 quality brands from 118 global suppliers and serves over 175 distributors that deliver fine wines to retailers and restaurants across all 50 states. Winebow was formed in 1980 and is based in Glen Allen, New Jersey.

Buy -
Buyer

MidOcean Partners

New York, New York, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2003
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

MidOcean Partners is a private equity firm focused on acquiring controlling interests in middle-market companies throughout North America. The Firm has a preference for consumer and business services sectors including automotive, food/beverage, retail, consumer products, information services, infrastructure services, training and more. MidOcean seeks opportunities valued between $150 and $750 million where it can commit $75 to $300 million. In addition to investing equity, MidOcean also looks to provide flexible credit solutions as well. MidOcean Partners was formed in 2003 and is based in New York, New York.


DEAL STATS #
Overall 30 of 57
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 9 of 24
State (North Carolina) 2 of 2
Country (United States) 26 of 52
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-10-25 Global Knowledge

Cary, North Carolina, United States

Global Knowledge is a world leader in technical skills training, supporting major enterprises and IT professionals with innovative and flexible learning solutions and offering authorized content from major technology providers. Global Knowledge delivers training in multiple modalities, both on-demand and instructor-led through virtual delivery and classrooms, blended formats, and customized on-site training, directly and through a worldwide partner network. Global Knowledge was founded in 1995 and is based in Cary, North Carolina.

Buy $145M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-02-29 Insight Communications

Belvidere, Illinois, United States

Insight Communications Company, Inc. is the ninth largest cable company in the United States, serving approximately 1.3 million basic video customers in the four contiguous Midwestern states of Illinois, Indiana, Kentucky and Ohio.

Sell $3.0B

Seller(S) 2

SELLER
DESCRIPTION

Parkway Capital is the mezzanine finance unit of Calvert Street Partners. Parkway's investments typically take the form of subordinated debt, which can be combined with a junior secured loan or preferred stock. If an opportunity calls for common equity, Parkway can also co-invest with other shareholders. Parkway looks to commit $3 to $12 million of capital per transaction in companies with at least $10 million in revenue and EBITDA in excess of $2 million. Funds are generally used to support business expansions, corporate acquisitions, leverage buyouts, recapitalization, ownership transfers, and 'wealth diversification'. Parkway Capital was formed in 2000 and became a unit of Calvert Street in 2019.


DEAL STATS #
Overall 7 of 12
Sector (Distribution) 1 of 1
Type (Secondary Buyout) 3 of 5
State (North Carolina) 1 of 1
Country (United States) 7 of 12
Year (2012) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-01 Fab-Tech

Colchester, Vermont, United States

Fab-Tech, Inc. is a manufacturer of coated stainless steel, corrosive fume exhaust systems for the semiconductor, university lab and other industrial markets. Fab-Tech was founded in 1987 and is based in Colchester, Vermont.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-02 Dynamic Tube

Maquoketa, Iowa, United States

Dynamic Tube is a manufacturer of tube and pipe assemblies used in the assembly of diesel/gas engines, hydraulic systems, cooling systems, and air systems. Dynamic Tube was founded in 1976 and is based in Maquoketa, Iowa.

Buy -
SELLER

Five Points Capital

Winston-Salem, North Carolina, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1997
PE ASSETS 1.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Five Points Capital makes both direct private equity and junior capital investments in US-based middle-market companies. Five Points prefers control based investments and will consider opportunities in a variety of industries. For both equity and mezzanine investments, the Firm looks to commit $5 to $25 million of capital in businesses with at least $10 million in sales and $3 million of EBITDA. Five Points Capital was formerly known as BB&T Capital Partners and re-branded in 2015. The Firm was established in 1997 and is based in Winston-Salem, North Carolina.


DEAL STATS #
Overall 9 of 56
Sector (Distribution) 2 of 5
Type (Secondary Buyout) 4 of 25
State (North Carolina) 2 of 5
Country (United States) 9 of 56
Year (2012) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-09-09 The Country Vintner

Ashland, Virginia, United States

The Country Vintner (dba Vintners Group) is the second largest distributor of fine wines in the United Sautes and the market leader in the Mid-Atlantic franchise states.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-01-09 Winebow

Glen Allen, Virginia, United States

Winebow is an independent importer and distributor of fine wine and craft spirits. The company imports a diversified portfolio of 167 quality brands from 118 global suppliers and serves over 175 distributors that deliver fine wines to retailers and restaurants across all 50 states. Winebow was formed in 1980 and is based in Glen Allen, New Jersey.

Buy -