Engelhart Commodities Trading Partners is acquiring Trailstone, an energy and technology company, from private equity firm Riverstone—Trailstone’s primary shareholder.

Trailstone provides risk management and optimization services to renewable energy owners and operators and has built up its natural gas business in North America, Europe and Asia. Trailstone also provides natural gas storage, transportation and supply capabilities.

The transaction, expected to be completed in third quarter 2024, will strengthen Engelhart’s position in the energy transition, the company said in its June 10 press release.

 The value of the transaction was not disclosed.

“Agreeing [to] terms to acquire Trailstone is an important event in Engelhart’s long term strategy to grow our energy trading platform and enhance our technological capability to play a leading role in the clean energy transition,” said Huw Jenkins, Engelhart CEO.

Latham & Watkins LLP acted as legal advisers to Riverstone and Trailstone. Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisers to Engelhart.