Six One Commodities Global LLC (61C Global), a natural gas and power merchant backed by Pinnacle Asset Management LP, announced April 26 the acquisitions of Vega Energy Partners Ltd. (VEP) and WGL Midstream Inc. (WGLM).
Vega Energy is a Houston-based energy merchant that, in addition to managing the assets of WGL Midstream, holds asset management agreements and has a strong team moving 61C Global’s platform as part of the transaction. WGL Midstream 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, CEO 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.”
In August of 2018, Pinnacle and affiliated investment entities, 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.
“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,” said Jason M. Kellman, managing partner and chief investment officer of Pinnacle. “We look forward to leveraging VEP and WGLM’s assets and capabilities as we continue to expand the 61C Global business.”
61C Global is an international natural gas, LNG and power merchant headquartered in Stamford, Connecticut. The Six One 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.
Founded in 2003, Pinnacle 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.