Locke Lord Advises Adams Resources in $138.9 Million Take-Private Acquisition by Affiliate of Tres Energy

A Locke Lord team led by Gene McDermott (Providence), Jon Daly (Houston) and Lauren Richter (Houston) advised Adams Resources & Energy, Inc. (NYSE AMERICAN: AE), in its definitive agreement to be acquired and taken private by an affiliate of Tres Energy LLC in an all-cash deal that values Adams Resources at a total enterprise value of $138.9 million. Under the terms of the agreement, Adams stockholders will receive $38 per share in cash for each share of Adams common stock owned as of the closing of the transaction, which is expected to occur in the first quarter of 2025. Adams Resources is a company 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. Tres Energy is a privately held limited liability company that invests in and operates strategic energy assets across the United States. For more information, see the press release. Additional support was provided by Gerry Pels, Ed Razim, Buddy Sanders, Elizabeth Corey, Brett Miller, Niha Ali, Grace Elliott, Alex Dillard, Mackenzie Purvis (all of Houston) and Joe Chung (New York).
Posted on November 13, 2024