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Jun 10. 2024

Press Release


We are delighted to announce that Engelhart Commodities Trading Partners, an international leader in commodities trading, has agreed the terms on which it will acquire Trailstone from Riverstone. Completion of the deal is subject to regulatory approval and a further announcement will be made when the deal completes.

The deal is a significant moment for both companies, as it accelerates our commitment to growth and being at the forefront of the clean energy transition. The transaction not only strengthens our trading and technological capabilities but also generates value through active support of a sustainable future.

Engelhart is an international commodity trading company with ~180 staff across offices in London, Geneva, Houston, Stamford, Singapore, Shanghai and Beijing. The company was founded in 2013 and is owned by the same partner group that also controls BTG Pactual, the largest investment bank in Latin America. Engelhart trades energy (power and gas, and oil) and is also active in agricultural/soft commodities, freight, and the innovative area of 'risk premia'.

The acquisition will bring together the resources, shared values and expertise of both companies, providing a permanent source of capital for Trailstone's renewables and physical natural gas businesses. Leveraging our joint competencies, the combined business will be well-placed to enhance our trading performance across the commodities markets, grow our customer business and play a leading role in decarbonising the world's energy.

John Redpath, Trailstone CEO, says he's excited about the potential that this acquisition unlocks:

"The acquisition deal with Engelhart is a big moment for the future of Trailstone. The access to permanent capital, and the complementary nature of our two organizations means we can grow our renewables and gas businesses and create even more value as part of the clean energy transition. I am proud of what we've created at Trailstone over the last ten years, not because it was easy but because it was hard. I am even more positive and excited about the future as we move forward as one business. I've been in the energy markets for 35 years, and I think the most interesting years of my career are ahead as we build this combined business."

Huw Jenkins, Engelhart CEO, says the acquisition is a clear signal of Engelhart and Trailstone’s commitment to the clean energy transition:

"The acquisition of Trailstone is an important moment in Engelhart's long term strategy to grow our energy trading platform and enhance our technological capability to play a leading role in the clean energy transition. We have always been impressed by the Trailstone team's innovation in the renewables trading sector and we believe the acquisition and merger will be highly complementary for both businesses."

Latham & Watkins LLP acted as legal advisors to Riverstone and Trailstone. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisers to Engelhart Commodities Trading Partners.

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