KingsPoint Capital, LLC, a middle-market investment banking firm, recently facilitated the sale of its client, Firebird Bulk Carriers, Inc. and Phoenix Oil, Inc., to GulfMark Asset Holdings, LLC, a wholly owned subsidiary of Adams Resources & Energy, Inc. (NYSE AMERICAN: AE), headquartered in Houston, Texas.
Founded in 1981 and headquartered in Humble, Texas, Firebird Bulk Carries operates as an interstate bulk motor carrier of crude oil, condensate, fuels, oils and other petroleum products. Phoenix Oil recycles and repurposes off-spec fuels, lubricants, crude oil and other chemicals from producers in the United States.
Scott Bosard, President, Firebird and Phoenix, commented, “We are excited to partner with Adams and GulfMark, and are looking forward to the opportunities that will come along with these expanded capabilities. We also would like to thank KingsPoint, who was invaluable during the sale process, from helping us select our ideal partner, to negotiating the complexities of the transaction, and ensuring a smooth closing process. We couldn’t have accomplished this without their expertise.”
Greg Mills, President of GulfMark, added, “Joining forces with Firebird and Phoenix is a great opportunity for GulfMark to expand our value chain and market impact, with numerous operating synergies benefitting 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.”