MISSOULA, MT. — Hi-Noon Petroleum, Inc., headquartered in Missoula, MT., has been acquired by Meridian, ID.-based Jacksons Food Stores, Inc. The purchase price for the deal, which closed in December, was not disclosed.
Included in the deal are Hi-Noon's three gasoline stations with convenience retail stores, 46 dealer accounts, and its fleet of transportation assets.
With a history of almost 50 years in the Montana fuels distribution market, Hi-Noon was founded by William J. "Senior" Nooney in Missoula. Dirk Cooper joined Hi-Noon as CFO in 2003 and was able to acquire the company in 2015, serving as president and CEO through the time of the acquisition.
"I would like to express my heartfelt gratitude to my entire team, and most notably to our CFO, Amy Buser," said Cooper, announcing the deal. "Amy has always been an incredible asset, and her efforts over the past few months were instrumental in ensuring the success of this transaction."
He continued, "Combined with the incredibly strong team we worked with at Jacksons Energy, I will be forever grateful to have worked with the ideal partners to carry forward the legacy of our company."
Andy Weber of Corner Capital Advisors, who represented Hi-Noon in the sale commented, "We are truly honored to assist Dirk, his family, and team with this transaction. Having known Dirk since we both first attended WPMA together years ago, we both have grown together in the industry and we are grateful to have earned his family's trust and confidence to steward them through this entire process."
Jackson Energy and Jacksons Food Stores, Inc. own, operate, and supply convenience stores and service stations across ten western states.
H.I.G. CAPITAL ACQUIRES NORTHWEST PUMP
PORTLAND, OR. — Northwest Pump & Equipment Company, based in Portland, OR., has been acquired by financial investment company H.I.G. Capital in a deal announced at the end of November. The purchase price was not announced.
Founded in 1959 as a family-owned business, Northwest Pump transitioned to an Employee Stock Ownership Plan company in 2006. Northwest Pump leadership said the sale of the company was "paving the way for enhanced growth opportunities while delivering exceptional returns to its employee-owners."
Northwest Pump plans to keep all employees and the current leadership team in place. The company currently has 350 employees working at its 20 branch locations.
Northwest Pump CEO Bob Mathews said, "Over the course of its 65-year history, Northwest Pump has established itself as an industry leader through a focus on servicing its customers, caring for its employees, and working with key suppliers to provide a growing suite of innovative products. With H.I.G.'s extensive resources and experience, we are well-positioned to expand the reach and breadth of our solutions to better serve our customers and OEM partners."
Based in Miami, FL., H.I.G. Capital is a global alternative investment
firm with $66 billion of capital under management from six offices in the United States and 11 global offices. The company specializes in "management buyouts, recapitalizations, and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses."
Matt Kever, managing director at H.I.G. Capital, said, "Northwest Pump represents an exciting opportunity to invest in a differentiated and leading distributor that is poised for growth. We're excited to partner with Bob and the entire Northwest Pump team to execute on an organic and inorganic growth strategy focused on increasing density and expanding the company's scope of services and product offerings."
PDI ACQUIRES COMDATA MERCHANT SOLUTIONS
ATLANTA, GA. — PDI Technologies
has acquired the Comdata Merchant Solutions business from
Comdata's parent company, Corpay Inc. The deal was completed in December. The purchase price was not disclosed.
Included in the acquisition are all of Comdata's POS hardware, software, and "systems that enable transactions at the site level for truck stops and unattended commercial fueling locations."
PDI will become an approved provider of Comdata transactions across the PDI network.
Not included in the sale is Comdata's truck stop payment acceptance network, including the fuel cards issued to trucking companies and the technology that accepts transactions at truck stop retailers.
"For years, the Comdata Merchant Solutions team has dedicated themselves to serving the POS needs of the attended and unattended over-the-road trucking industry," said Sid Gaitonde, president of Enterprise Productivity for PDI Technologies, announcing the deal. "We welcome their team and look forward to delivering even greater value to customers and the entire industry ecosystem as we invest in and grow the business here at PDI."
