Today, natural gas and power merchant, Six One Commodities Global LLC announced the acquisitions of Vega Energy Partners, Ltd., and WGL Midstream, Inc. Accordingly, Six One Commodities aims to accelerate its growth in the natural gas market through these acquisitions.
Besides, the company wants to add significant earnings potential. Also, to provide a solid platform to link its existing domestic and international LNG businesses.
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Six One Commodities on acquiring VEP and WGL Midstream
Pinneacle Asset Management’s natural gas and power merchant Six One Commodities Global LLC today announced it acquired Vega Energy Partners, Ltd., and WGL Midstream, Inc.
Therefore, Six One Commodities pointed out it aims to accelerate its growth in the natural gas market through the acquisitions. Furthermore, the company looks to add significant earnings potential. Also, to provide a solid platform to link its existing domestic and international LNG businesses.
In fact, Houston-based VEP is an energy merchant that manages the assets of WGL Midstream. Besides, the company holds asset management agreements and has a team moving to 61C Global’s platform through the transaction.
On the other hand, WGL Midstream is a wholesale energy solutions business that invests in and optimizes natural gas pipelines and storage facilities in the U.S.
In August of 2018, Pinnacle Asset Management partnered with Ben Sutton. Indeed, he served as Head of North American Gas and Power at Noble Americas Gas & Power Corp. Therefore, they formed Six One Commodities Global.
Reception and about the companies involved in the acquisitions
Notably, 61C Global is headquartered in Stamford, CT. Additionally, the company’s 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.”
“This is a transformational opportunity for 61C Global. Thus, these acquisitions will accelerate our growth in the natural gas market and add significant earnings potential. Besides, they will provide a solid platform for us to link our existing domestic and international LNG businesses,” said Ben Sutton, Chief Executive Officer of 61C Global.
Furthermore, “we are excited to establish a Houston office and presence. Hence, we look forward to integrating and working collaboratively with the talented team at VEP. In fact, to further position us as a premier globally integrated energy merchant company.”
Similarly, 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. In brief, we look forward to leveraging VEP and WGLM’s assets and capabilities as we continue to expand the 61C Global business.”
