HOUSTON, Aug. 15,
2022 /PRNewswire/ -- Adams Resources & Energy,
Inc. (NYSE AMERICAN: AE) ("Adams" or the "Company") today announces
that one of its subsidiaries, GulfMark Asset Holdings, Inc., has
completed the purchase of Firebird Bulk Carriers, Inc. ("Firebird")
and Phoenix Oil, Inc. ("Phoenix")
for an aggregate purchase price of approximately $33 million, consisting of approximately
$32 million in cash and $0.5 million of Adams Resources & Energy,
Inc. common stock.
Firebird Bulk Carriers is an interstate bulk motor carrier of
crude oil, condensate, fuels, oils and other petroleum products.
Headquartered in Humble, TX,
Firebird operates over 100 tractors largely in the Eagle Ford
basin. Texas locations include:
Humble, George West, Dilley, Carrizo
Springs, Bryan and
Brownsville. Also headquartered in
Humble, TX, Phoenix Oil recycles
and repurposes off-spec fuels, lubricants, crude oil and other
chemicals from producers in the United
Greg Mills, President of GulfMark
commented, "Joining forces with Firebird and Phoenix is a great opportunity for GulfMark to
expand our value chain and market impact, with numerous operating
synergies benefiting the combined companies immediately upon close.
The leadership and employees of Firebird and Phoenix bring a wealth of knowledge, and a
history of excellent customer service, which align perfectly with
the values of GulfMark and Adams companies."
"We are very excited to have the teams from both Firebird and
Phoenix join the Adams family of
companies," said Kevin Roycraft,
Adams' Chief Executive Officer and President. "This acquisition
will be immediately accretive to earnings and cash flow. We expect
these companies to increase our annual adjusted cash flow by over
30% while diversifying GulfMark's service offerings to our
customers. We believe this transaction represents a key milestone
toward our continued efforts to generate long-term cash flow,
prudently grow this business, and provide value to
Scott Bosard, President, Firebird
Bulk Carriers, Inc. and Phoenix Oil, Inc. commented, "I want to
thank our team and their families for all the years of service.
Their dynamic abilities and positive attitudes will bring immediate
results to Adams and GulfMark. We look forward to the opportunities
that will come along with these expanded capabilities."
Inducement Awards Under NYSE
American Listing Rules
The Company also reported, as required by Section 711(a) of the
NYSE American Company Guide (the "Company Guide"), equity
inducement awards to each of Trey
Bosard and Tyler Bosard
following the acquisition of Phoenix and Firebird by the Company.
Each of Trey Bosard and
Tyler Bosard accepted employment
agreements with Phoenix, effective
August 12, 2022. Trey Bosard will serve as President and
Tyler Bosard will serve as Vice
President – Southern Region. The inducement awards have a grant
date of August 12, 2022 and were
granted to Trey Bosard and
Tyler Bosard pursuant to their
respective employment agreements.
As an inducement material to each of their accepting employment
with Phoenix following the
acquisition, and in accordance with Rule 711(a) of the Company
Guide, the independent directors of the Board of the Company
approved a grant of $0.5 million of
restricted stock units to each of Trey
Bosard and Tyler Bosard. The
inducement awards are being granted outside the terms of the Adams
Resources & Energy, Inc. 2018 Long-Term Incentive Plan, as
The inducement awards vest in three separate tranches on each of
the first three anniversaries of the grant date.
About Adams Resources &
Adams Resources & Energy, Inc. is engaged in crude oil
marketing, transportation, terminalling and storage and tank truck
transportation of liquid chemicals and dry bulk through its
subsidiaries, GulfMark Energy, Inc., Service Transport Company,
Victoria Express Pipeline, L.L.C. and GulfMark Terminals, LLC. For
more information, visit www.adamsresources.com.
Cautionary Statement Regarding
This news release contains forward-looking statements.
Forward-looking statements relate to future events and anticipated
results of operations, business strategies, and other aspects of
our operations or operating results. Forward-looking statements in
this news release include, among others, statements relating to
projected or anticipated financial benefits of the acquisitions
described in this news release, and the anticipated effects of the
acquisitions on the Company's earnings and cash flow. In many cases
you can identify forward-looking statements by terminology such as
"anticipate," "intend," "plan," "project," "estimate," "continue,"
"potential," "should," "could," "may," "will," "objective,"
"guidance," "outlook," "effort," "expect," "believe," "predict,"
"budget," "projection," "goal," "forecast," "target" or similar
words. Statements may be forward looking even in the absence of
these particular words. Where, in any forward-looking statement,
the Company expresses an expectation or belief as to future
results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis. Forward-looking statements are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied in the
forward-looking statements, and any other risk factors included in
Adams' reports filed with the Securities and Exchange Commission,
including the Company's ability successfully to integrate the
acquired companies and to realize the benefits and synergies of the
transactions. However, there can be no assurance that such
expectation or belief will result or be achieved. Unless legally
required, Adams undertakes no obligation to update publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Tracy E. Ohmart
EVP, Chief Financial Officer
Investor Relations Contact
Gary Guyton or Steven Hooser
Three Part Advisors
View original content to download
SOURCE Adams Resources & Energy, Inc.