NEW YORK, April 23, 2021 /PRNewswire/ — Six One Commodities Global LLC («61C Global»), a natural gas and power merchant backed by Pinnacle Asset Management, L.P. («Pinnacle»), today announced the acquisitions of Vega Energy Partners, Ltd. («VEP») and WGL Midstream, Inc. («WGLM»).
VEP is a Houston, TX-based energy merchant that, in addition to managing the assets of WGLM, holds asset management agreements and has a strong team moving to 61C Global’s platform as part of the transaction. WGLM is a wholesale energy solutions business that invests in and optimizes natural gas pipelines and storage facilities in the Midwest and Eastern United States.
«This is a transformational opportunity for 61C Global. These acquisitions will accelerate our growth in the natural gas market, add significant earnings potential, and provide a solid platform for us to link our existing domestic and international LNG businesses,» said Ben Sutton, Chief Executive Officer of 61C Global. «We are excited to establish a Houston office and presence, and we look forward to integrating and working collaboratively with the talented team at VEP to further position us as a premier, globally-integrated energy merchant company.»
Jason M. Kellman, Managing Partner and Chief Investment Officer of Pinnacle, added, «These acquisitions of VEP and WGLM are a seamless way for 61C Global to gain a significant footprint in the U.S. natural gas market. We look forward to leveraging VEP and WGLM’s assets and capabilities as we continue to expand the 61C Global business.»
Over the past five years, Pinnacle-managed entities have made several strategic investments to bolster Pinnacle’s physical commodities trading and merchanting business, including acquiring Five Rivers Cattle Feeding, the world’s largest cattle feeding operation, forming Viserion Grain, an agricultural merchant which is expected to manage a portfolio of strategic grain storage and handling facilities, as well as being the majority shareholder of Concord Resources Holdings Limited, a global metals merchant formed in 2015 with a team of former Noble Group executives.
ABOUT PINNACLE ASSET MANAGEMENT, L.P.
Founded in 2003, Pinnacle Asset Management, L.P. is a private, New York-based alternative asset management firm focused on the global commodities markets with approximately $3.2 billion under management. Pinnacle provides its institutional investor base with exposure to the global commodities markets via physical and financial absolute return strategies and products. Pinnacle is registered as an investment adviser with the Securities and Exchange Commission, is registered as a commodity trading adviser and a commodity pool operator with the Commodity Futures Trading Commission and is a member of the National Futures Association.
ABOUT SIX ONE COMMODITIES GLOBAL LLC
In August of 2018, Pinnacle, a leading commodities and natural resources investment organization, partnered with Ben Sutton, who had served as Head of North American Gas and Power at Noble Americas Gas & Power Corp., to form 61C Global.
61C Global is an international natural gas, LNG, and power merchant headquartered in Stamford, CT. The 61C Global team has a demonstrated track record of unique market insight, strong client relationships, and disciplined risk management to execute on opportunities within the gas and power merchanting space.
SOURCE Pinnacle Asset Management