Pinnacle Asset Management Expands Physical Commodities Platform Through Acquisition of North American Natural Gas Wholesale Trading Business

Pinnacle Asset Management, L.P. and affiliated investment
entities, (“Pinnacle”), a leading commodities and natural resources
investment organization, today announced the acquisition of the North
American natural gas wholesale trading business from Sierentz Global
Merchants LLC. Ben Sutton, who most recently served as Head of North
American Gas and Power at Noble Americas Corp., will serve as CEO of
the new business, which will be known as Six One Commodities. Financial
terms of the transaction were not disclosed.

Jason M. Kellman, Managing Partner and Chief Investment Officer of
Pinnacle, said, “The natural gas and power markets are entering a
period of significant market dislocation and volatility. The addition of
a fully-operational natural gas and power wholesale trading
business enables Pinnacle to hit the ground running as we continue
to build out our diversified, global, physical
commodity merchant platform. Moreover, we are excited to partner
with Ben Sutton and his talented
team, who have a demonstrated history of building businesses and have
deep experience investing across North American natural gas and power
markets.”

Sutton brings more than 15 years of natural gas, power trading and
marketing experience, as well as proven leadership capabilities to Six
One Commodities. Prior to working at Noble, he held senior roles at RBS
Sempra Commodities and Shell. While at Noble, he built their physical
natural gas and power merchant division, which was acquired by Mercuria
Investments U.S., Inc. in 2017. At Six One Commodities, Sutton will be
joined by a team of senior leaders from across the industry, including
Brian O’Hara as Head of Trading, Dan Ryng, Chris Gradel as Traders and
Kelly Bezas as Head of Operations.

Sutton added, “On behalf of the Six One Commodities team, we
are thrilled with the acquisition and partnership with Pinnacle at this
exciting time in the firm’s growth as we seek to identify and capture
the numerous market opportunities in front of us. Pinnacle has built an
institutional commodities investment platform and we look forward
to identifying attractive opportunities in a dynamic sector.”

In addition to its
core commodities trading expertise, Pinnacle continues to
demonstrate its leadership and commitment to its physical
commodities merchant businesses. In 2015, Pinnacle backed London
based Concord Resources Limited, one of the world’s largest non-ferrous
metals merchants, run by Mark Hansen, the former global head of Noble
Group’s metals division. In 2018, Pinnacle acquired Five Rivers Cattle
Feeding, the world’s largest cattle feeding operation, from JBS USA.

About Pinnacle Asset Management, L.P.

Founded in 2003, Pinnacle Asset Management, L.P. is a private, New
York-based alternative asset management firm focused on the global
commodities markets with approximately $2.3 billion under management.
Pinnacle provides its institutional investor clientele with exposure to
the global commodities markets via physical and financial absolute
return funds, strategies and products. Pinnacle is registered as an
investment adviser with the Securities and Exchange Commission,
is registered as a commodity trading adviser and a commodity pool
operator with the Commodity Futures Trading Commission and is a member
of the National Futures Association.

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