Six One Commodities Global (61C), the natural gas merchant, announced this Monday the acquisition of Vega Energy Partners (VEP) and WGL Midstream (WGLM); to consolidate acceleration and growth in the natural gas market.
Firstly, VEP is also an energy merchant, headquartered in Texas; VEP also manages the WGLM assets. After the acquisition, the team composing WGLM will move to 61C’s platform.
On the other hand, 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.
Secondly, backed by Pinnacle Asset Management, Six One Commodities has a track record of unique market insight; strong client relationships, and also disciplined risk management to execute on opportunities within the gas and power merchanting space.
Consequently, the acquisition of VEP and WGLM expands the company’s footprint in the natural gas market. Jason M. Kellman, Managing Partner and Chief Investment Officer of Pinnacle, said about the matter. “These acquisitions of VEP and WGLM are a seamless way for Six One Commodities Global to gain a significant footprint in the U.S. natural gas market.”
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He also remarked. “We look forward to leveraging VEP and WGLM’s assets and capabilities as we continue to expand the 61C Global business.”
On the other hand, for Ben Sutton, Chief Executive Officer of 61C Global, the acquisition is a “transformational opportunity for 61C Global. These acquisitions will accelerate our growth in the natural gas market; add significant earnings potential, and also provide a solid platform for us to link our existing domestic and international LNG businesses.”
He also said. “We are excited to establish a Houston office and presence; 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.”
Finally, after the purchases, 61C will further position as a leader in the international natural gas, LNG, and power markets.