This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Star Equity Holdings, Inc. (Nasdaq: STRR) acquired Alliance Drilling Tools LLC (ADT) in March 2025 for a $12.65 million enterprise value, creating a new Energy Services division alongside its Building Solutions and Business Services segments. ADT is a drilling equipment supply and repair company founded in 2009, providing rental, sale, and repair of downhole tools used primarily in oil and gas well construction. Its facilities are located in Midland, TX (Permian Basin — roughly 40% of revenue), Casper and Evanston, WY, and Vernal, UT — all major U.S. oil and gas basins. FY2025 total company revenue was $172.2 million (up 23% YoY), with the Energy Services division described as performing strongly and expanding market share across core markets. While ADT also serves geothermal, mining, and water-well industries, the primary customer base is oil and gas operators. The acquisition explicitly created an Energy Services segment, making fossil fuel services a core and intentional part of Star Equity's business strategy.
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A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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