Hartree Partners, LP (“Hartree”), a global energy and commodities trading company, today announced the closing of its acquisition of ED&F Man Commodities’ four core business units: Volcafe (coffee), ED&F Man Liquid Products (molasses, animal feeds, and fish oil), ED&F Man Sugar, and ED&F Man Cotton. The closing follows the acquisition of the majority of ED&F Man’s outstanding A2 and B1 Senior Secured Legacy Debt and the satisfaction of all required regulatory approvals and other customary closing conditions.

Guy Merison, one of Hartree’s Founding Managing Directors, said: “This acquisition marks a significant and exciting step in Hartree’s strategic expansion into soft commodities. It unlocks new opportunities for growth for our combined platform, leveraging ED&F Man’s deep market understanding, global expertise, and strong customer and supplier relationships. There will be a newly formed ED&F Man Executive Management Committee, composed of Phillip Murnane, Alexandre Bauche, Colin Iles, Trishul Mandana, and Arie van der Spek. Phillip Murnane, Alexandre Bauche, Trishul Mandana and Arie van der Spek will also join the Hartree Management Team.”

Phillip Murnane, Chief Financial Officer and Chief Operating Officer of ED&F Man Commodities Ltd, commented: “We are very pleased to be joining Hartree. This transaction represents a strong strategic fit and a promising future for our employees and stakeholders. With Hartree’s long-term commitment, deep market expertise, and shared values, we’re confident in the continued growth and success of ED&F Man Commodities under their ownership.”

The addition of Volcafe, ED&F Man Liquid Products, ED&F Man Sugar and ED&F Man Cotton brings deep capabilities in soft commodities sourcing, logistics, and sustainability, broadening Hartree’s platform and enhancing its ability to deploy market expertise across a wider range of global commodity markets. Integration efforts are progressing well, with cross-functional teams from both organizations collaborating to align operations and adopt best practices. As part of this process, senior leaders from ED&F Man will join Hartree’s Management Team, forming a unified leadership structure that reflects the strengths and capabilities of both businesses.

About Hartree Partners

Hartree Partners, LP is a leading global merchant commodities firm specializing in energy and associated industries. Established more than 28 years ago and jointly owned by senior management and funds managed by Oaktree Capital Management, L.P., Hartree has a unique 28+ year track record in proprietary trading and investing in energy markets across the globe. Hartree’s core strengths are understanding the complexities of the global commodity market and risk pricing and converting that knowledge into consistently successful trading strategies. Today, the firm has over 900 employees and a further approximately 1,000 associates in its operating companies and a strong balance sheet available for trading and principal investment purposes. For more information, please visit https://www.hartreepartners.com/.

About ED&F Man Commodities

ED&F Man Commodities is one of the world’s leading providers of soft commodities and logistics including sugar, coffee, molasses, animal feeds and fish oil. ED&F Man was originally founded in 1783, and has since grown into a leading global trader of agricultural commodities products. ED&F Man Commodities comprises:

Volcafe has a history dating back to 1851 and is one of the world’s largest coffee merchants, specializing in worldwide green coffee procurement, processing in origin countries and distribution to roaster partners. Volcafe provides access to all the major coffee producing origins and supplies beans for over 66 billion cups a year. Today, Volcafe is regarded as a best-in-class coffee trader with a strong emphasis on sustainability and aims to be the world’s best coffee partner.

ED&F Man Liquid Products (MLP) is the leading global trader of molasses and associated products. It is also the world’s largest distributor of molasses based liquid animal feeds as well as being leaders in beet pulp pellets and fish oil. It directly and indirectly feeds over 20 million animals per day, forming a key part of global livestock production as well as fueling the fermentation industry.

ED&F Man Sugar is one of the world’s largest sugar traders, moving about 6,000,000 tonnes of sugar per year. With core teams based in various offices spread across the globe, ED&F Man sources sugar and related products to supply refineries and end users worldwide. It is also a leader in the distribution of value-added certified sustainable specialty sugars.

ED&F Man Cotton was established in mid-2025, driven by an ambition to become a leading trader of raw cotton, serving customers around the world. The breadth of ED&F Man Commodities’ existing operations provides ED&F Man Cotton with offices in all major cotton producing regions and expertise in operating sustainable containerised supply chains, underpinned by robust risk management procedures.

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