GFI to acquire most of Amerex in US

Amerex, based in Sugar Land, Texas, is an interdealer broker in electric power, natural gas and emissions products and related derivatives and options in North America. The parts of the company included in the acquisition had revenues of over $46 million in 2005, and exceeded $30 million in the first six months of this year.Michel Gooch, chief executive of GFI, said the move continues the company’s strategy of broadening its presence in over-the-counter energy markets, complementing other acquisitions such as the fuel broker Starsupply earlier this year. Products included in the deal include: electric power products, US federal and regional emissions products, and natural gas basis swaps, options, forwards and energy finance plans. It also encompasses various analytical and risk management services. However, the acquisition excludes Amerex’s refined products division, which will continue to operate independently under a new name.“GFI’s main clients are financial institutions and Amerex deals predominantly with the big traditional energy firms, so there is little overlap between their customer bases,” said Michelle Everaert, chief information officer at GFI.Amerex’s president, Michael Cosgrove, will continue to serve as head of the business, which has over 70 brokerage personnel based in Sugar Land.

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