Pinnacle Asset Management Acquires North American Wholesale Natural Gas Trading Business
Pinnacle Asset Management, L.P. and affiliated investment entities, a commodities and natural resources investment organization, announced the acquisition of the North American natural gas wholesale trading business from Sierentz Global Merchants LLC.
Ben Sutton, who most recently served as Head of North American Gas and Power at Noble Americas Corp., will serve as CEO of the new business, which will be known as Six One Commodities.
Financial terms of the transaction were not disclosed.
Jason M. Kellman, Managing Partner and Chief Investment Officer of Pinnacle, said, “The natural gas and power markets are entering a period of significant market dislocation and volatility. The addition of a fully-operational natural gas and power wholesale trading business enables Pinnacle to hit the ground running as we continue to build out our diversified, global, physical commodity merchant platform."
Sutton brings more than 15 years of natural gas, power trading and marketing experience to Six One Commodities. Prior to working at Noble, he held senior roles at RBS Sempra Commodities and Shell. While at Noble, he built their physical natural gas and power merchant division, which was acquired by Mercuria Investments U.S., Inc. in 2017.
At Six One Commodities, Sutton will be joined by a team of senior leaders from across the industry, including Brian O’Hara as Head of Trading, Dan Ryng, Chris Gradel as Traders and Kelly Bezas as Head of Operations.