Business Context and Reporting Period
This Form 8-K was filed by STAR GROUP, L.P. on February 14, 2019, reporting a material event that occurred on the same date. The Company is a Delaware limited partnership headquartered in Stamford, CT.
Key Financial Metrics
This filing reports a specific capital transaction rather than periodic financial performance. Consequently, the document does not provide data on revenue, profit, cash flow, margins, debt, or liquidity.
- Transaction Type: Unit repurchase under the Company's unit repurchase plan.
- Units Purchased: 1,200,000 common units.
- Aggregate Consideration: Approximately $11.3 million.
- Counterparty: Cat Rock Capital Management, L.P.
- Closing Date: February 15, 2019.
Material Changes
The filing details a reduction in outstanding common units through a private transaction. As of December 31, 2018, Cat Rock Capital Management, L.P. owned 3,120,635 common units. The purchase of 1,200,000 units represents a significant reduction in the counterparty's holdings and a return of capital to shareholders.
Guidance, Outlook, and Risks
The filing contains no management commentary, forward-looking guidance, or discussion of risks and contingencies beyond the execution of the definitive agreement. No unusual items were reported.
Investor Verification Checklist
- Verify the impact of the $11.3 million cash outflow on the Company's current liquidity position.
- Confirm the updated total number of outstanding common units following the repurchase.
- Review the remaining balance of the Company's unit repurchase plan authorization.
- Check subsequent filings for any additional repurchases from Cat Rock Capital Management, L.P.