In a recent filing with the Securities and Exchange Commission, Star Group, L.P. (NYSE:SGU) disclosed the retirement of Henry D. Babcock from its Board of Directors. Mr. Babcock, who has been a board member since April 28, 2006, stepped down effective January 15, 2025. The company, currently trading at a P/E ratio of 13.07, has maintained strong financial health according to InvestingPro analysis.
The company stated that Babcock's decision to retire was not due to any disagreement over operations, policies, or practices. Star Group expressed gratitude for his many years of service and his significant contributions.
Concurrent with his departure, the Board, managed by Kestrel Heat, LLC's sole member, Kestrel Energy Partners, LLC, decided to reduce the number of directors from eight to seven. This change also took effect on January 15, 2025.
In other recent news, Star Group, a home energy distributor, has announced plans to acquire a regional energy distributor for approximately $68 million. This move is expected to strengthen Star Group's competitive position in the market. Simultaneously, Star Group has amended its credit agreement with a consortium of ten banks, extending the deadlines for an undisclosed acquisition crucial to its expansion strategy. The company's total debt stands at $304.56 million, with an EBITDA of $88.02 million.
Additionally, Star Gas Partners, a part of Star Group, has revealed its fourth-quarter financial results for fiscal 2024. Despite a minor year-over-year decline in total revenue, the company's adjusted EBITDA and net income saw significant growth.
The product gross profit for Q4 rose by $4 million (10%) to $42 million, while the full-year product gross profit increased by $21 million (5%) to $468 million. The company also made five acquisitions during the fiscal year, adding 20,000 customers to its base.
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