Form 4: Bandera Partners Reduces Stake in Star Group, Sells 700,000 Common Units to Issuer

Bandera Partners LLC, a significant shareholder and affiliate of Star Group, L.P., has sold 700,000 common units back to the issuer for $12.04 per unit, reducing its beneficial ownership.

Summary

• Bandera Partners LLC, Gregory Bylinsky, and Jefferson Gramm (collectively, the "Reporting Persons"), who are part of a Section 13(d) group previously owning over 10% of Star Group, L.P.'s outstanding Common Units, filed a Form 4.
• On May 30, 2025, Bandera Master Fund L.P., managed by Bandera Partners LLC, entered into a Unit Purchase Agreement with Star Group, L.P. to sell 700,000 Common Units.
• The transaction closed on June 2, 2025, with the units sold at a price of $12.04 per unit.
• Following the transaction, Bandera Master Fund beneficially owns 2,745,360 Common Units indirectly.
• Additionally, Gregory Bylinsky solely owns 4,827 Common Units, and Jefferson Gramm solely owns 206,483 Common Units.
• The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of their pecuniary interest therein.

Sentiment

Score: 4

Explanation: The sentiment is moderately negative due to a significant insider sale by a 10% owner group, which can be interpreted as a lack of confidence, despite the company's repurchase of its own units.

Positives

• Star Group, L.P. repurchased 700,000 of its own Common Units, which can be a positive signal for shareholders as it reduces the number of outstanding units and can potentially boost earnings per unit.

Negatives

• A significant insider sale by a 10% owner group, such as Bandera Partners, may be perceived negatively by the market as it could indicate a reduction in confidence by a major investor.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• The transaction involves Bandera Partners LLC, a 10% owner and entity affiliated with directors Gregory Bylinsky and Jefferson Gramm, selling common units to the issuer, Star Group, L.P. This constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The reduction in beneficial ownership by a significant institutional investor and director-affiliated entity may raise questions about long-term confidence. However, the company's repurchase of units could be seen as a positive for remaining shareholders by reducing outstanding shares.
• Company (Star Group, L.P.): The repurchase of units indicates a deployment of capital, potentially signaling management's belief that the shares are undervalued or a strategy to return value to shareholders.

Key Dates

Recommendation

Keywords

STAR GROUP, SGU, SEC Form 4, insider trading, beneficial ownership, common units, Bandera Partners, share repurchase, unit purchase agreement