This strategic move promises a new chapter for Adams Resources and its portfolio of companies, which also includes Firebird Bulk Carriers and Gulfmark Energy. For Service Transport Company, a recognized name in the service transport industry, becoming part of the Tres Energy team signifies an opportunity for enhanced innovation and a sharper focus on long-term strategic goals, away from the immediate pressures of public market expectations.
Kevin Roycraft, CEO of Adams, expressed enthusiasm about the acquisition, stating, “We are thrilled to be a part of [the Tres Energy] team. This new chapter will empower us to innovate more freely and focus on our long-term vision without the pressures of being a public company. We believe this partnership will enhance our ability to deliver exceptional value to our customers and employees, and we look forward to embarking on this exciting journey together.” This sentiment underscores the potential for growth and development within Service Transport under the new ownership.
The acquisition terms stipulate that Adams stockholders will receive $38 per share in cash for each share of common stock. This price represents a substantial 39% premium over the company’s closing share price on November 11, and a 53% premium over the three-month volume-weighted average per-share price leading up to the announcement. This lucrative offer highlights the value Tres Energy sees in Adams Resources and its operational capabilities, especially within its service transport and energy divisions.
Townes G. Pressler, chairman of the Adams board of directors, highlighted the transaction as a successful culmination of strategic restructuring efforts. “This transaction marks the successful completion of a profitable journey for our shareholders and fulfills our strategic goal to restructure the company, unlocking more value from our assets and operations,” Pressler stated. He further emphasized the benefits of returning to private ownership, anticipating “efficiencies and new entrepreneurial opportunities” for both the company and its employees in partnership with Tres Energy. This return to its roots as a private company could allow Service Transport to further solidify its position in the competitive service transport market.
For customers and partners of Service Transport Company, this acquisition signals a period of continued reliability and potentially enhanced service offerings. As part of Tres Energy, Service Transport is expected to maintain its high standards and leverage new resources and strategies for growth and operational excellence in the service transport sector. The focus on long-term vision and innovation, as emphasized by Adams CEO, suggests a positive trajectory for Service Transport Company and its continued leadership in providing service transport solutions.
