ENGELHART-COMMODITIES

Engelhart Commodities Trading Partners, a global commodities trading business, is delighted to announce the successful completion of its acquisition of Trailstone, a global energy and technology company, from Riverstone.

The acquisition will combine the resources and expertise of two successful businesses and enable them to leverage their joint capabilities to enhance trading performance, grow their customer business and play a leading role in decarbonizing the world’s energy matrix.

Trailstone is a global leader in providing risk management and optimization services to the owners and operators of renewable power generation assets. It uses its expertise, analytics, and proprietary software to help manage the intermittency of renewable power generation. Trailstone is also active in trading power, natural gas, and environmental products across North America, Europe, and Asia.

Trailstone has also built a successful physical natural gas client business in North America and Mexico. This business provides storage, transportation, and supply capabilities to serve its customers' growing optimization and risk management requirements.

The acquisition is a pivotal part of Engelhart’s strategic plan to strengthen its global power and gas trading platform and technological capabilities and generate value through active participation in the clean energy transition.

Huw Jenkins, CEO, Engelhart, says:

“We are delighted to complete our acquisition of Trailstone, which is the start of an exciting new chapter for our combined business. By integrating our advanced quantitative modelling and weather forecasting capabilities with Trailstone’s strong presence in the renewable power and gas markets, we create a powerful force for growing our trading activities across the commodities complex. The shift from hydrocarbons to renewable energy is inevitable and transformative, and this acquisition means we will be at the vanguard of that transition.”

John Redpath, Deputy CEO, Engelhart, says:

“I want to thank our partners, investors, customers, and all the employees at both Trailstone and Engelhart for their patience and hard work in helping us close this deal. Our vision for the combined business is to create the commodity merchant of the future. Technology will be central to the energy transition, and by integrating our trading expertise and risk management with Engelhart’s capabilities, we are perfectly positioned to manage renewable power generation and facilitate carbon reduction. This merger represents an exciting milestone, and we are ready to build our combined company together.”

FOR EDITORS

• Engelhart is an international commodity trading company founded in 2013. It has ~ 170 staff across offices in London, Geneva, Houston, Stamford, Singapore, Shanghai, and Beijing.
• Engelhart trades power, gas, and oil but is also active in agricultural/soft commodities, freight, and the innovative area of ‘risk premia’.
• Engelhart is owned by the same partner group that controls BTG Pactual, the largest investment bank in Latin America.
• Trailstone is a global energy and technology trading company focusing on renewables.
• It was founded in 2013, and has ~275 staff across offices in Europe, North America, and Japan, with its primary offices in London, Austin, and Berlin.
• Engelhart has acquired Trailstone from Riverstone LLC, the private equity fund that was their primary shareholder.

• Huw Jenkins will be the CEO of the new combined business; John Redpath will be Deputy CEO.
• The new entity will be called “Engelhart” or “Engelhart Commodities Trading Partners”.
• Latham & Watkins acted as legal advisers to Riverstone and Trailstone.
• Skadden, Arps, Slate, Meagher & Flom acted as legal adviser to Engelhart Commodities Trading Partners.

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