Latest news with #HartreePartners
Yahoo
13 hours ago
- Business
- Yahoo
Hartree in talks to buy major cocoa trader Touton, sources say
(Refiles to fix malfunctioning hyperlink. No changes to text.) By May Angel and Gus Trompiz LONDON/PARIS (Reuters) -Global energy and commodities trader Hartree Partners is in talks to acquire French agro-industrial firm Touton, which trades nearly 10% of the world's cocoa, two sources with direct knowledge of the matter told Reuters. The global cocoa trade is experiencing a major shakeup as problems in West Africa - the world's top growing region - push prices to historic highs, putting pressure on independent firms like Touton, which traces its history back more than 150 years. One of the sources said Touton executives discussed an acquisition deal in person with Hartree founding partner Stephen Hendel and the firm's head of investments Scott Levy about a month ago. A second source confirmed that talks over a possible Hartree purchase of Touton had taken place, but did not give further detail. Both sources declined to be named due to the sensitivity of the matter. Hartree told Reuters it does not comment on what it called "market rumours". Touton did not respond to a request for comment. Hartree entered the soft commodities space last year with the purchase of UK-based ED&F Man Commodities, a centuries-old player in sugar and coffee. An acquisition of Touton, which trades in coffee in addition to cocoa, would cement Hartree's expansion into soft commodities. WEST AFRICAN SHOCK FAVOURS DEEPER POCKETS Adverse weather and disease resulted in poor harvests in leading cocoa growers Ivory Coast and Ghana last year, causing global cocoa prices to more than double. At a record high above $12,000 a metric ton, the chocolate ingredient was, for a time, more expensive than most industrial metals. Prices remain at historically elevated levels, with trading in cocoa futures on the ICE exchange still largely illiquid and volatile following last year's exodus of hedge funds from the sector. The exchange is now requiring those trading its cocoa futures - used as a benchmark for pricing physical beans around the world - to put up large amounts of cash as collateral against potential trading losses. However, after some cocoa traders racked up losses of more than $1 billion on their futures contracts last year, banks are increasingly reluctant to lend to them. "Banks now understand that cocoa and coffee are volatile," said the cocoa trading head at a global agri-commodities trade house. Touton posted a net profit of 130 million euros ($151.53 million) in the year to March 2024, according to its most recent annual results, up from 17 million euros the year before. The global cocoa trading head said Touton had an unusually good year, but added that banks consider it a once-off and still prefer, when it comes to cocoa, to lend to companies with deeper pockets. Hartree is owned by investment firm Oaktree Capital Management and its founding partners - Hendel and Stephen Semlitz, both former co-heads of energy trading at Goldman Sachs, and Guy Merison, who also worked at the bank. Oaktree had $209 billion in assets under management as of June 30, according to its website. Four cocoa traders, including the second source with direct knowledge of the talks, said Touton CEO Patrick de Boussac is nearing retirement age and looking to cash out. "Hartree want to buy. Touton want to sell. If the price is right, the deal will happen," said a second cocoa trading head at an agri-commodities trade major. ($1 = 0.8579 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
13 hours ago
- Business
- Reuters
Exclusive: Hartree in talks to buy major cocoa trader Touton, sources say
LONDON/PARIS, Aug 11 (Reuters) - Global energy and commodities trader Hartree Partners is in talks to acquire French agro-industrial firm Touton, which trades nearly 10% of the world's cocoa, two sources with direct knowledge of the matter told Reuters. The global cocoa trade is experiencing a major shakeup as problems in West Africa - the world's top growing region - push prices to historic highs, putting pressure on independent firms like Touton, which traces its history back more than 150 years. One of the sources said Touton executives discussed an acquisition deal in person with Hartree founding partner Stephen Hendel and the firm's head of investments Scott Levy about a month ago. A second source confirmed that talks over a possible Hartree purchase of Touton had taken place, but did not give further detail. Both sources declined to be named due to the sensitivity of the matter. Hartree told Reuters it does not comment on what it called "market rumours". Touton did not respond to a request for comment. Hartree entered the soft commodities space last year with the purchase of UK-based ED&F Man Commodities, a centuries-old player in sugar and coffee. An acquisition of Touton, which trades in coffee in addition to cocoa, would cement Hartree's expansion into soft commodities. Adverse weather and disease resulted in poor harvests in leading cocoa growers Ivory Coast and Ghana last year, causing global cocoa prices to more than double. At a record high above $12,000 a metric ton, the chocolate ingredient was, for a time, more expensive than most industrial metals. Prices remain at historically elevated levels, with trading in cocoa futures on the ICE exchange still largely illiquid and volatile following last year's exodus of hedge funds from the sector. The exchange is now requiring those trading its cocoa futures - used as a benchmark for pricing physical beans around the world - to put up large amounts of cash as collateral against potential trading losses. However, after some cocoa traders racked up losses of more than $1 billion on their futures contracts last year, banks are increasingly reluctant to lend to them. "Banks now understand that cocoa and coffee are volatile," said the cocoa trading head at a global agri-commodities trade house. Touton posted a net profit of 130 million euros ($151.53 million) in the year to March 2024, according to its most recent annual results, up from 17 million euros the year before. The global cocoa trading head said Touton had an unusually good year, but added that banks consider it a once-off and still prefer, when it comes to cocoa, to lend to companies with deeper pockets. Hartree is owned by investment firm Oaktree Capital Management and its founding partners - Hendel and Stephen Semlitz, both former co-heads of energy trading at Goldman Sachs, and Guy Merison, who also worked at the bank. Oaktree had $209 billion in assets under management as of June 30, according to its website. Four cocoa traders, including the second source with direct knowledge of the talks, said Touton CEO Patrick de Boussac is nearing retirement age and looking to cash out. "Hartree want to buy. Touton want to sell. If the price is right, the deal will happen," said a second cocoa trading head at an agri-commodities trade major. ($1 = 0.8579 euros)
Gulf Business
05-03-2025
- Business
- Gulf Business
The Arab Energy Fund, Hartree Partners set up $120m climate tech investment platform
Image: Getty Images/ For illustrative purposes The Arab Energy Fund, formerly known as APICORP, has partnered with global energy and commodities firm Hartree Partners to establish TAEF Hartree Cleantech LP, a $120m limited partnership focused on decarbonisation technologies across the US and Europe. The UK-incorporated platform will invest in venture capital (VC) stage companies developing physical and digital decarbonisation technologies. The initiative aligns with The Arab Energy Fund's strategy to position itself as the leading impact investor in the energy sector, with a focus on energy security and sustainability. Strategic investment in cleantech Hartree Partners has been advancing cleantech investments since 2020 through its subsidiary, Vertree Partners, which specialises in carbon markets, industrial decarbonization solutions, and the energy transition value chain. Hartree's cleantech portfolio includes investments in 10 companies across industrial decarbonisation, emissions verification, geospatial data analytics, and climate change adaptation technologies. 'The partnership reflects our strategy to support the energy ecosystem with debt and equity solutions and advances our member countries' energy agenda by fostering local energy value chains in the MENA region and beyond,' said Khalid Ali Al-Ruwaigh, CEO of The Arab Energy Fund. New platform to build on Hartree's previous collabs The new platform builds on previous collaborations between Hartree and major investors such as BlackRock, Microsoft, and Union Square Ventures. Its existing portfolio includes 10 companies focused on accelerating decarbonisation solutions, reinforcing The Arab Energy Fund's position as a global leader in sustainable energy financing.
Zawya
04-03-2025
- Business
- Zawya
The Arab Energy Fund and Hartree Partners Commit $120mln to establish climate technology investment platform
The platform will focus on venture capital (VC) stage companies Collaboration supports The Arab Energy Fund's strategy as the leading impact investor in the energy sector with a focus on energy security and sustainability Riyadh, Saudi Arabia —The Arab Energy Fund, formerly known as APICORP, a leading multilateral impact financial institution focused on the MENA energy sector, has announced the launch of the 'TAEF Hartree Cleantech LP', a USD 120mn Limited Partnership (LP) with Hartree Partners, a global energy and commodities firm. The strategic partnership strengthens The Arab Energy Fund's position as the leading regional impact fund focused on investing in the entire energy value chain. It reinforces the Fund's commitment to advancing the energy agendas of its member countries, including energy security, supporting sustainable energy solutions, and innovation. Incorporated in the UK, the LP will serve as a new platform which aims to leverage proprietary market insights and in-depth research to identify, invest in, and support entrepreneurs in developing physical and digital decarbonization technologies. It will focus on venture capital (VC) stage companies. Hartree Partners, a global leader in energy and commodities trading, has been advancing the cleantech sector through its venture-growth equity investment strategy since 2020, implemented via its subsidiary, Vertree Partners (Vertree). The subsidiary focuses on carbon markets, scalable industrial decarbonization solutions, and the energy transition value chain. Hartree has built a robust cleantech portfolio, investing in 10 companies across key energy transition sectors, such as industrial decarbonization, emissions verification, geospatial data and analytics, and climate change adaptation technologies. These investments reflect Hartree Partners' dedication to advancing technologies that drive the transition to a sustainable, low-carbon economy, and will be incorporated into the partnership established by The Arab Energy Fund and Hartree. Commenting on the announcement, Khalid Ali Al-Ruwaigh, CEO of The Arab Energy Fund, said: "This initiative reflects our strategy to support the energy ecosystem with debt and equity solutions, and advances our member countries' energy agenda, by fostering the development of the local energy value chains in the MENA region and beyond.' Stephen Hendel, Founding Managing Director of Hartree Partners, added: " We are proud to launch this platform alongside a long-term and trusted partner in The Arab Energy Fund. Together, our unique competencies will combine to expertly source, evaluate, and support transformational cleantech innovations, on a global scale." The platform already manages a portfolio of ten companies, having previously collaborated with leading investors such as BlackRock, Microsoft, and Union Square Ventures. These investments aim to accelerate the development of innovative decarbonization solutions, reinforcing The Arab Energy Fund's position as a global leader in sustainable energy financing. The Arab Energy Fund and Hartree Partners are leveraging the platform to accelerate growth in the global cleantech space. This collaboration aims to expand the platform's scale and scope, targeting additional investments in innovative companies poised to drive transformative changes in the global cleantech ecosystem. This collaboration also strengthens The Arab Energy Fund's leadership in sustainable investment across the MENA region and beyond. For companies seeking investment, please contact George Potts or Peter Gutman at Hartree Partners. About The Arab Energy Fund The Arab Energy Fund is a multilateral impact financial institution focused on the MENA energy sector established in 1974 by the ten Arab oil-exporting countries. The Arab Energy Fund's mission is to enable a secure and sustainable energy future for the region through a comprehensive range of financing and direct equity solutions and expert advisory services across the entire energy value chain to leading public and private sector business partners in 25 countries. The Arab Energy Fund applies best-practice ESG principles across all operations, with environmental and socially-linked projects comprising 20% of its USD 5.3bn loan portfolio. The Arab Energy Fund is the only energy-focused financial institution in the MENA region rated 'Aa2' by Moody's, 'AA' by Fitch and 'AA-' by S&P. ABOUT Hartree Partners Hartree Partners, LP is a leading global energy and commodities firm with an international reputation for integrity developed over decades. Hartree's global breadth and reach provide a competitive presence in a comprehensive range of commodity markets, enriched by the firm's employees who add deep insight, expertise and innovative thinking. The firm has also been a key driver of momentum in the cleantech sector, through numerous strategic partnerships and investments. These include Ampyr Solar Europe (a 7GW solar development company); Vertree (a carbon markets, industrial decarbonisation and energy transition value chain specialist); and CHC (a battery energy storage joint venture formed with CATL and CFC).
Bloomberg
19-02-2025
- Business
- Bloomberg
Bloomberg Surveillance: Tariffs, Energy, and Banks
Watch Tom and Paul LIVE every day on YouTube: Bloomberg Surveillance hosted by Tom Keene & Paul Sweeney February 19th, 2025 Featuring: Alicia Levine, Head of Investment Strategy and Equity Advisory Solutions at BNY Wealth, joins to offer her outlook for equities and markets in 2025 amid political uncertainty and headwinds Ed Morse, Senior Advisor at Hartree Partners, joins for an extended discussion on energy and the outlook for energy markets in a second Trump admin Mike Mayo, Head: US Large Cap Bank Research at Wells Fargo, joins for an extended discussion on the banking sector and how big banks will perform in a second Trump term Lisa Mateo on newspapers
