J.A.M. Distributing, a distributor of lubricants, base oils and fuels based in Houston, Texas, agreed to acquire assets of fellow Houston jobber Jones Oil.
In a press release last week, J.A.M. announced that it will acquire substantially all assets of Houston-based Jones Oil and its sister company, High Tech Equipment. J.A.M., which is owned by investment firm Ridgemont Equity Partners, did not disclose the costs of the acquisition, but noted the deal will close within 120 days.
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 marketswe serve, said Tim Dillon, Ridgemont Equity Partners vice president.
J.A.M., headquarted at its main Houston terminal, has terminals throughout Texas — in Dallas, Beaumont, Lufkin, Clute and Galveston. The company distributes a variety of marine, automotive and industrial petroleum products and says it has been distributing ExxonMobil lubricants for over 40 years.
Jones, a family-owned business helmed by J.B. Jones, also is a marketer and distributor of lubricants, fuels, base stocks and more for automotive, industrial and marine sectors.
The deal also includes Jones affiliate company, High Tech Equipment, a Houston-headquartered distributor of automotive and industrial equipment and fleet maintenance components. Its products include lifts, air compressors, oil tanks, body shop equipment, waste oil equipment, and more.