Adams Resources Has Been Acquired by an Affiliate of Tres Energy
Energy, Power & Infrastructure
Mergers & Acquisitions
Houston, Texas
HOUSTON, February 26, 2025 – GulfStar Group (“GulfStar”) is pleased to announce the acquisition of Adams Resources & Energy, Inc. (NYSE AMERICAN: AE) (“Adams” or the “Company”) by an affiliate of Tres Energy LLC (“Tres Energy”). GulfStar served as the exclusive financial advisor to Adams throughout the transaction, which closed on February 4, 2025.
Under the terms of the agreement, Adams stockholders received $38.00 per share in cash for each share of Adams common stock owned as of the transaction closing. The per share purchase price represented a 39% premium to the Company’s closing share price of $27.32 on November 11, 2024, the last full trading date prior to the announcement of the transaction, and a 53% premium to the Company’s three-month volume-weighted average per share price for the period ending November 11, 2024. Upon completion of the transaction, the Company’s shares no longer trade on the NYSE American, and Adams became a private company.
“Over the past several years, we have advised Adams on multiple transactions,” said Kent Kahle, co-founder and managing director of GulfStar. “This take-private transaction was the culmination of a well-executed strategy by the board of directors and senior management to maximize shareholder value.”
The GulfStar team was led by Managing Directors Kent Kahle and Charles Craig with support from Associate Alan Sheppard and Analyst Stephen Harrigan. Troutman Pepper Locke served as legal counsel to Adams.
For more information, please contact Kent Kahle at kkahle@gulfstargroup.com or Charlie Craig at ccraig@gulfstargroup.com.
About Adams Resources & Energy
Adams is engaged in crude oil marketing, transportation, terminalling and storage tank truck transportation of liquid chemicals and dry bulk and recycling and repurposing of off-spec fuels, lubricants, crude oil and other chemicals through its subsidiaries, GulfMark Energy, Inc., Service Transport Company, Victoria Express Pipeline, L.L.C., GulfMark Terminals, LLC, Phoenix Oil, Inc., and Firebird Bulk Carriers, Inc. The Company was previously listed on the American Stock Exchange under the symbol “AE.”
About GulfStar Group
GulfStar is one of the leading middle market investment banking firms in the United States, with a proven track record of delivering exceptional results in merger and acquisition, private placement and strategic advisory services. We advise private business owners and corporate clients with revenues ranging from $25 million to $350+ million across a variety of key industry sectors. Founded in 1990, GulfStar has completed more than 750 transactions in 38 states and 18 foreign countries. AHI represents yet another successful outcome for GulfStar clients operating in the building products and contracting industries.