ICAP acquires European biofuels broker Sun Commodities S.A.
London/ Geneva, 28 February 2012 – ICAP Energy, the energy arm of ICAP plc, announced today that it has agreed, subject to certain conditions being fulfilled, to acquire from Laurent Gonelle and Arun Logan the entire issued share capital of Sun Commodities S.A., a leading broker of European biodiesel and alternative fuels, based in Geneva. As at 31 December 2010 Sun Commodities S.A. had gross assets of approx US$803,000.
Sun Commodities S.A. provides brokerage services for biofuels and related products, both physical and derivative, including European bioethanol, biodiesel and vegetable oils produced from rape, soya and palm, including bio-blends. This acquisition marks an expansion for ICAP Energy into European alternative fuels, while also signalling a further step in the broking of physical commodities.
Sun Commodities S.A. was founded in 2008 and all the existing staff will join ICAP. On completion, the business will trade under the name ICAP Energy Alternative Fuels, a division of ICAP Energy Suisse S.A.
Paul Newman, Managing Director of ICAP Energy Ltd in London said: “The increased use of biofuels and persistently high prices for traditional fuels is driving renewables centre stage. Sun Commodities is an important add-on for ICAP Energy, as we expand our alternative fuels service within the European marketplace. We are very pleased to welcome the Sun Commodities team to ICAP, and their established strengths in this specialised area will allow us to bring new and important services to our customers.”
Laurent Gonelle, Managing Director of Sun Commodities said, “We are delighted to be joining ICAP Energy. ICAP’s strong management and desk relationships in the wider energy derivative trading community will help us to accelerate growth in this next stage of our development.”
ICAP Energy already offers alternative fuels broking for swaps and futures on US and Brazilian ethanol from its offices in Louisville, Kentucky and São Paulo, Brazil.
Contacts ICAP Energy
Brigitte Trafford Director of Corporate Affairs +44 (0)20 7050 7103
Candice Adam Argentus PR +44 (0) 20 7397 2915
About ICAP Energy
ICAP Energy, a division of ICAP plc, the world’s premier electronic and voice interdealer broker, is an innovative leader in the energy and shipping industries, providing full-service and over the counter broking and advisory capabilities to a broad spectrum of businesses throughout the world. The group has approximately 350 staff located in London, North America, Amsterdam, Bergen, Singapore, and Sydney. ICAP Energy offers real-time price discovery and execution services in crude oil and oil products, electricity, natural gas, coal, base and precious metals, iron ore, emission credits, freight and weather derivative and physical products. For more information go to www.icapenergy.com.
ICAP is the world’s leading interdealer broker and provider of post trade risk and information services. The Group matches buyers and sellers in the wholesale markets in interest rates, credit, commodities, FX, emerging markets and equity derivatives through voice and electronic networks. Through our post trade risk and information services we help our customers manage and mitigate risks in their portfolios. For more information go to www.icap.com.