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Matrix Announces the Successful Sale of Jones & Frank Corporation

RICHMOND, VA – December 21, 2009 – Matrix Capital Markets Group, Inc. announced today the sale of Jones & Frank Corp. to an investor group that was led by BB&T Capital Partners and included Parkway Capital Investors and the company’s former owners and existing management team. Senior and subordinated debt for the transaction was provided by SunTrust Bank and Parkway Capital Investors, respectively. Jones & Frank Corp., founded in 1945 and based in Norfolk, Virginia, is a leading provider of petroleum equipment and services to the retail and commercial segments of the petroleum industry along the East Coast. Matrix Capital Markets Group served as exclusive financial advisor to Jones & Frank. The transaction was led by Mike Morrison, Bill Kerkam, David Shoulders and Lauren Sharp.

Sterling Baker, CEO, noted that, “This transaction provided both liquidity for existing owners, as well as a mechanism to provide future ownership to employees.” O.L. Everett, former majority shareholder, added, “We hired Matrix Capital to execute a formal process and were very pleased with the results. BB&T Capital Partners emerged as the best choice to support the company’s continued growth and profitability.”

“BB&T Capital Partners is excited to partner with Sterling Baker, CEO, and the Jones & Frank team. Jones & Frank has a long tradition of providing high quality service and support to its customers, which has led to strong, long-standing customer relationships,” commented Martin Gilmore, Partner at BB&T Capital Partners. “This transaction will provide significant capital for continued growth, and in particular, an active industry consolidation strategy. We believe that there is significant opportunity in the fuel equipment distribution and service sector, as shifting demands, stiffening regulatory requirements and new technology drive continual change.”

Mike Morrison, Managing Director and Principal of Matrix Capital Markets Group, commented, “Jones & Frank’s consistent performance and strong management team enabled us to attract strong interest for this recapitalization. We are excited to see O.L. Everett and Sterling Baker begin a new partnership with an investor that understands the industry and shares their vision.”

In 2008, Jones & Frank won Gilbarco/Veeder-Root’s “Southern Distributor of the Year” award for its outstanding sales performance. The company employs over 200 employees. To learn more about Jones & Frank, visit their website at www.jones-frank.com.

About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.

Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.