M&A · Energy · Wholesale-Petroleum & Petroleum Products (No Bulk Stations)
Tres Energy LLC to acquire Adams Resources & Energy, Inc.
Announced Nov 12, 2024 · Closed Feb 4, 2025
Deal value$139MEV $139M
Premium39.0%To unaffected price
EV / Adj. EBITDA8.1x
ConsiderationAll cash$38.00 per share
Transaction
- Acquirer
- Tres Energy LLC
- Target
- Adams Resources & Energy, Inc. (AE)
- Buyer type
- Strategic
- Offer price per share
- $38.00
- Enterprise value
- $139M
- Status
- Closed Feb 4, 2025
Deal protections
- Break fee (target pays)
- $4.0M · 2.9%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Houlihan Lokey
Sector context · Energy
- Comparable deals
- 39 in the prior 24 months
- Premium
- 39.0% vs. 17.0% sector median
- EV / Adj. EBITDA
- 8.1x vs. 7.9x sector median
- Break fee
- 2.9% vs. 3.0% sector median
Timeline
- AnnouncedNov 12, 2024
- Proxy filedDec 6, 2024
- Definitive proxyDec 20, 2024
- Shareholder voteJan 29, 2025
- ClosedFeb 4, 2025
Valuation · fairness opinions
Trading comparables$31.08$38.93
Trading comparables$26.92$33.85
Trading comparables$32.35$42.81
Precedent transactions$31.08$38.93
Discounted cash flow$30.03$40.37
Offer $38.00
Implied value per Adams Resources & Energy, Inc. share by analysis, from Houlihan Lokey · DCF discount rate 14%–16%.