Poten & Partners parent the BGC Group has acquired Texas energy and environmental brokerage Sage Energy Partners.
Terms of the deal announced on Thursday were not disclosed.
The acquisition expands BGC’s energy brokerage services in the US and supports global growth efforts across its energy, commodities and shipping (ECS) business.
ECS has become BGC’s second-largest asset class, the company said.
The Sage buy allows it to expand its offering in oil and refined products and strengthens its position in environmental and energy-transition brokerage services.
But the buy isn’t the deal that has been rumoured recently in the tanker market.
As TradeWinds has reported, BGC Group is understood to be negotiating an acquisition of OTC Global Holdings, the parent of fast-growing house Oil Brokerage.
There was no news on that development in Thursday’s announcement, but plenty said about Sage.
John Abularrage, Americas CEO and global co-head of brokerage at BGC Group, said: “Sage has built an impressive franchise that aligns seamlessly with our current client offering and enables us to become the world’s first ‘one-stop-shop’ for environmental brokerage.”
The deal also drew praise from Randall Fenlon, global co-head of ECS.
“Sage has deep expertise in the rapidly evolving energy and environmental markets,” he said.
“The US is a key growth area for our ECS business, and the addition of Sage enables us to provide a truly comprehensive offering for our clients’ needs.”
Houston-based Sage specialises in refined products, biofuels, ethanol, carbon emissions, renewables and petrochemicals brokerage services.
Its clients include companies across the energy supply chain, among them many of the world’s largest banks, hedge funds, oil and natural gas producers, chemical companies, refineries and utilities.
BGC trades publicly on New York’s Nasdaq exchange. Its shares were down about 2.5% in morning trading to $9.27.
