Freepoint Commodities Completes Acquisition of J.P. Morgan Concentrates Business

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Jun 22, 2012, 09:25 ET

STAMFORD, Conn., June 22, 2012 /PRNewswire/ -- Freepoint Commodities LLC, a Connecticut-based physical commodity trading and marketing company, today announced that the acquisition of J.P. Morgan Metals & Concentrates LLC, a global merchant of physical base metal concentrates and copper cathodes, was completed on June 1. The business, which had been an indirect subsidiary of JPMorgan Chase & Co., now operates as Freepoint Metals & Concentrates LLC.

Employees of J.P. Morgan's concentrates business have joined Freepoint's growing physical commodity merchant business, which was founded in February 2011.

"The addition of the J.P. Morgan Concentrates business is consistent with Freepoint's vision to build our business around seasoned professionals with physical commodity merchant expertise," said David A. Messer, CEO of Freepoint. "We know many of our new colleagues from our days working together at RBS Sempra, and are very pleased to have them on the Freepoint team."

Today, Freepoint has more than 200 employees in U.S. offices in Stamford, Denver, Houston, Louisville, and Boise, and international offices in London, Toronto, and Zug. The company's markets currently include North American and European gas and power, crude and oil products, emissions, coal, and metals. Freepoint is also committed to building a presence in Asia.

About Freepoint Commodities

Founded by former Sempra Energy Trading executives, Freepoint Commodities is based in Stamford, Connecticut and initiated trading and marketing in June 2011. Management, employees and private equity funds managed by Stone Point Capital have provided the initial equity capital for the company.