Marex Spectron said it concluded the purchase of Rotterdam-based broker, Starsupply, which is the latest consolidation in a sector squeezed by rising competition and smaller margins.
The acquisition will allow Marex to press on with long-term plans to develop its business of providing physical oil products. Starsupply, which will continue to operate independently within Marex Spectron’s network, will expand the group’s offering to a broader client base that deals with the execution-only physical oil brokerage firm.
Marex said the transaction broadens its product range and further strengthens its Northern European presence. The takeover of the Dutch firm builds on its global clearing infrastructure while providing Starsupply clients with access to complementary products and services.
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Marex declined to disclose the value of the deal, but the takeover advances its goal of becoming a one-stop-shop for clients who want to take part in evolving commodities markets.
Marex has expanded aggressively since being taken private in 2010 by JRJ Ventures, the private equity group founded by former Lehman Executives, Roger Nagioff and Jeremy Isaacs. In addition, the past year saw Marex Spectron solidify its position across global commodities markets with a spree of new acquisitions.
Commenting on the news, Ian Lowitt, CEO of Marex Spectron, said: “Notwithstanding the market conditions and dislocations caused by the Covid pandemic, acquiring new businesses is very much ‘Business as Usual’ for us. As a physical energy broker, Starsupply further broadens our EU energy presence in physical markets and has natural synergies across both our physical and paper Price Discovery services.”
Symen de Willigen, Managing Director of Starsupply, added: “We are delighted to be joining Marex’s energy franchise which has a first-class reputation and global coverage. Together, we can continue to build out our coverage and strengthen our foothold in the European physical oil market. There are great opportunities and synergies on both sides, so it is an excellent fit.”