Hartree Partners Completes Acquisition of Touton SAS

NEW YORK & BORDEAUX--(BUSINESS WIRE)--Hartree Partners, LP (“Hartree”), a global energy and commodities trading firm, and Touton SAS ("Touton"), a leading independent soft commodity trading company, today announced the completion of Hartree's acquisition of Touton, following consultation with employees' representatives and satisfaction of all customary closing conditions. The transaction extends Hartree's strategic growth in commodities, building on its July 2025 acquisition of ED&F Man Commodities.

Founded in 1848, Touton has developed into a globally recognized trader and supply chain manager, with deep expertise in cocoa, coffee, and ingredients. The group combines strong market insight with a robust local sourcing network and enduring relationships across origin and destination markets. Its long-standing commitment to sustainability underpins its approach to risk management and the development of responsible, traceable value chains.

Touton's coffee trading capabilities complement ED&F Man’s existing coffee business, Volcafe, and broaden Hartree’s soft commodities footprint to include cocoa, vanilla, and spices. The combined organization strengthens Hartree's ability to deliver value throughout the soft commodities supply chain while expanding sustainable sourcing capabilities.

Touton will continue to operate under its current brand and leadership team, led by Patrick de Boussac. Touton will maintain its existing client relationships, sustainability programmes, and operational structure. The integration will aim to ensure continuity for employees, customers, and partners.

Stephen Hendel, Founding Managing Director at Hartree, commented:

"We are pleased to officially welcome Touton’s talented team to Hartree. Touton's deep expertise in the trading of cocoa, coffee, vanilla, and spices combined with its trusted relationships across producing regions, strengthens our ability to deliver value throughout the soft commodities supply chain. I look forward to what this partnership will unlock for our people, our customers, and the communities we serve."

Patrick de Boussac, President of Touton, commented:

"Today marks the beginning of an exciting new chapter for Touton. Joining forces with Hartree represents the opportunity to be part of a broader platform with even greater possibilities for growth. Together with Hartree, we will build on the strong foundation our teams have created over generations, underpinned by our shared values of integrity, long-term thinking, and commitment to sustainable supply chains.”

ING Corporate Finance M&A acted as sole financial advisor to Touton and its shareholders. Clifford Chance served as legal counsel, and PwC provided financial and tax due diligence support.

Société Générale acted as sole financial advisor to Hartree. Herbert Smith Freehills Kramer acted as legal counsel and PwC Société d’Avocats provided tax advice to Hartree.

About Hartree Partners

Hartree Partners, LP is a leading global merchant commodities firm facilitating the flow of energy, metals, agriculture, and environmental products across the full commodity supply chain, connecting producers and consumers. Hartree was founded in 1997 and is jointly owned by senior management and funds managed by Oaktree Capital Management, LP, and employs around 5,000 individuals worldwide.

About Touton SAS

Touton is a global commodity trading company specializing in cocoa, coffee, vanilla, and spices headquartered in Bordeaux, France. Touton was founded in 1848, and has over 700 employees across 18 subsidiaries, and occupies a unique independent position in the global value chain. Touton serves a diverse base of leading agro-industrial players through its strong local sourcing network, long-standing producer relationships, and sustainability programs focused on traceability and compliance with evolving industry standards.