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TP Icap acquires US-based energy and commodities broker SCS
TP Icap has strengthened its energy and commodities division with the acquisition of US-based energy and commodities broker SCS Commodities for an undisclosed cash sum and further performance-related amounts over five years.
Founded in 1991 and now employing 26 brokers, SCS specialise in in crude oil futures, soft commodities, petroleum and refined products, natural gas options and crude oil options. Clients are provided 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.
For the 2016 calendar year SCS generated profits before tax of $0.8m from revenues of $14.3m.
Of the five partners selling the business, TP Icap retaining the primary partners who are responsible for generating revenues, who "will remain with the business after the acquisition and continue to develop it".