NEW YORK & STAMFORD, Conn.--()--Louis Dreyfus Highbridge Energy, LLC (“LDH Energy”) today announced that DF Energy Acquisition LLC, a private investment vehicle owned by Glenn Dubin, and an independent investor group, including investment vehicles established by family trusts created by Paul Tudor Jones and Timothy Barakett, and Continental Grain Company / Paul Fribourg, have agreed to purchase substantially all of the company’s outstanding equity. Upon completion of the transaction, LDH Energy will be rebranded Castleton Commodities International, LLC.
The new owners of LDH Energy will have non-operating roles with the company.
Commenting on the announcement, William C. Reed II, LDH Energy’s Chairman and Chief Executive Officer, said, “We are excited to enter a new chapter of LDH Energy’s growth and future development and appreciate the support and enthusiasm of our new investors. Glenn and the rest of the investor group members represent some of the finest minds in global finance and industry. We believe that with their fresh perspective and vision for the company, the prospects for growth at LDH Energy are tremendous as it continues to expand its merchant footprint and grow its asset portfolio.”
“We have enjoyed our productive and successful joint venture with Highbridge and their experienced team,” said Serge Schoen, CEO of the Louis Dreyfus Commodities Group. “As we focus our efforts on our core business as a global leader across major commodities, we look forward to maintaining our relationship with LDH Energy as a minority investor.”
“Over the last five years, I have had the privilege of being part of LDH Energy’s Board, and I have experienced the evolution of the company and the strength of its management team first-hand,” said Glenn Dubin. “LDH Energy has developed a strong operating platform that today supports a diversified energy business that is extremely well positioned for future growth. I am grateful to Serge and everyone at the Louis Dreyfus Group for all of their support over the years.”
Once the transaction closes, Castleton Commodities will continue to operate with the current LDH Energy management team, but with a new board of directors including Dubin and other investor group designees.
Completion of the transaction is expected to occur by the end of the year and is subject to customary closing conditions. Terms of the transaction were not disclosed.
DF Energy Acquisition LLC was advised by Davis Polk & Wardwell LLP as legal adviser and Bank of America Merrill Lynch as financial adviser. The investor group was advised by Sullivan & Cromwell LLP as legal adviser. Willkie Farr & Gallagher LLP was legal adviser to Highbridge Capital Management’s multi-strategy fund. Cohen & Gresser was legal adviser to LDH Energy’s management team.
About Louis Dreyfus Highbridge Energy, LLC
LDH Energy is a joint venture formed by the Louis Dreyfus Group, a global leader in agricultural commodities, and Highbridge Capital Management’s multi-strategy fund in December 2006. Headquartered in Stamford, Connecticut, LDH Energy is a leading diversified merchant energy company with an integrated set of operations, including the marketing and merchandising of energy commodities and development of physical energy assets. The Company markets a broad range of physical commodities, including natural gas, natural gas liquids, refined products, crude oil, electric power and coal and financial instruments related to energy commodities. LDH Energy is headquartered in Stamford, Connecticut, with offices in Houston, Texas; Calgary, Canada; Lausanne, Switzerland; Shanghai, China; Singapore; and Uruguay.
About DF Energy Acquisition LLC
DF Energy Acquisition LLC is the private investment vehicle owned by Glenn Dubin. Glenn Dubin is the co-Founder and Chairman of Highbridge Capital Management, an alternative asset management organization founded in 1992.
About the Investor Group
The private investor group includes an experienced group of strategic and financial investors and is comprised of investment vehicles established by family trusts created by Paul Tudor Jones and Timothy Barakett, and Continental Grain Company / Paul Fribourg.