TP ICAP plc announces the acquisition of SCS Commodities Corp
TP ICAP plc has announced that is has acquired SCS Commodities Corp (“SCS”), an independent energy and commodities broker based in the US.
SCS has expertise in crude oil futures, soft commodities, petroleum and refined products, natural gas options and crude oil options. It has 26 brokers who provide clients with continuous coverage of energy markets around the world including pre-trade intelligence and execution expertise of high volume trades, including blocks, inter-commodity spreads and complex option strategies.
SCS was founded in 1991. It is being sold by its five partners who together own 98% of the business, and by a corporate entity which owns the remaining 2%. The primary partners who are responsible for generating revenues will remain with the business after the acquisition and continue to develop it.
SCS will become part of TP ICAP’s energy and commodities division which provides global coverage of a wide range of energy and commodities products through its leading brands to a diverse client base. The acquisition continues the expansion of the division’s specialist execution expertise.