Adams Resources & Energy to be Acquired by Tres Energy Affiliate
Deal News | Nov 12, 2024 | Globenewswire
Adams Resources & Energy, Inc., a company engaged in crude oil marketing and transportation, has announced that it has entered into a definitive agreement to be acquired by an affiliate of Tres Energy LLC in an all-cash deal. The transaction values the company at approximately $138.9 million and offers $38.00 per share to Adams shareholders, a 39% premium over its previous closing price. The company's transition to private status marks a strategic shift aimed at achieving greater operational efficiencies and entrepreneurial agility. The merger has been unanimously approved by the Adams Board of Directors and awaits shareholder approval, expected to close by the first quarter of 2025. GulfStar Group and Houlihan Lokey are advising Adams on the deal, with legal counsel from Locke Lord LLP, while King & Spalding LLP represents Tres Energy LLC.
Sectors
- Energy
- Finance
Geography
- United States – Both Adams Resources & Energy, Inc. and Tres Energy LLC are based in the United States, with operations and investments across the country.
Industry
- Energy – The article involves Adams Resources & Energy, Inc., a company engaged in crude oil marketing, transportation, and other energy-related industries.
- Finance – The acquisition deal, involving financial advisors and legal counsel, represents financial transactions and corporate finance activities.
Financials
- $138.9 million – Total enterprise value of the acquisition transaction for Adams Resources & Energy, Inc.
- $38.00 per share – The cash payment offered to Adams stockholders per share.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Adams Resources & Energy, Inc. | Target | Company | A company engaged in crude oil marketing, transportation, and storage activities. |
| Tres Energy LLC | Bidding Company | Company | A privately held firm investing in strategic energy assets in the U.S. |
| GulfStar Group, Ltd. | Corporate Finance | Company | Financial advisor to Adams for the transaction. |
| Houlihan Lokey Capital, Inc. | Corporate Finance | Company | Financial advisor to the Adams Board of Directors. |
| Locke Lord LLP | Legal Advisor | Company | Legal counsel to Adams Resources & Energy, Inc. |
| King & Spalding LLP | Legal Advisor | Company | Legal counsel to Tres Energy LLC. |
| Townes G. Pressler | Chairman | Person | Chairman of the Board of Directors of Adams Resources & Energy, Inc. |
| Kevin Roycraft | Chief Executive Officer | Person | CEO of Adams Resources & Energy, Inc. |