J.A.M. Distributing Company (“J.A.M.”), a portfolio company of Ridgemont Equity Partners, today announced that a newly formed affiliate has signed a definitive agreement to acquire substantially all of the assets of Jones Oil, Inc. (“Jones Oil”) and J.B. Jones Enterprises, Inc. d/b/a High-Tech Equipment (“High Tech”). Based in Houston, Jones Oil is a marketer and distributor of lubricants, fuel, and ancillary products to automotive shops, industrial facilities, and private and commercial vehicle fleets. Jones Oil has been family-owned and operated since 1933. Also based in Houston, High Tech is a provider of equipment for automotive shops, fleet maintenance, and the commercial industrial market. The proposed transaction is subject to certain closing conditions and the parties expect the closing to occur within 120 days of the execution of the definitive agreement. The financial terms of the proposed transaction were not disclosed.
J.A.M. Distributing Company is a distributor of lubricants, fuel, base stock, and ancillary products for the industrial, commercial vehicle, passenger vehicle, and marine end markets. The Company is headquartered at its main terminal in Houston, Texas, with additional terminal operations in Dallas, Beaumont, Lufkin, Clute and Galveston. For over forty years, the Company has been a respected distributor of ExxonMobil lubricants.
“J.A.M. has a long history of growth through a focus on customer service excellence, quality products, and long term partnerships,” said Jeff Kramer, President and CEO of J.A.M. “We are excited to find companies such as Jones Oil and High Tech which share those values. The addition of their capabilities continues our journey on delivering against our commitment to being ‘The Premier Partner for Smart Lubricant and Fuel Solutions.’”
“I am pleased to transition my businesses to such a well-respected company and management team,” said J.B. Jones, CEO and owner of Jones Oil and High Tech. “I have no doubt that J.A.M. will continue to fully support my customers and continue Jones Oil and High Tech’s legacies as leaders in quality, safety, and top notch customer service.”
“J.B. Jones and his family have built a terrific pair of businesses, and we are excited to welcome the Jones Oil and High Tech teams into the J.A.M. family,” said Jack Purcell, Partner at Ridgemont Equity Partners. “This is an important step in J.A.M.’s history with Ridgemont as we continue to seek attractive organic and acquisition growth opportunities in and around the markets we serve,” added Tim Dillon, Vice President at Ridgemont Equity Partners.