GFI Group Inc. to Acquire Retail Energy Procurement Business of Gulf States Energy
NEW YORK, April 26 -- GFI Group Inc. (NASDAQ:GFIG) and Gulf States Energy, Inc. announced today that GFI has agreed to acquire the assets of the retail energy procurement and consulting business of GSE Consulting L.P. ("GSEC"), an affiliate of Gulf States Energy, a privately- held, full service energy commodities firm.
Headquartered in Dallas, Texas, GSEC employs approximately 30 sales and support staff and has additional offices in Houston and Fort Worth, Texas. In 2006, GSEC brokered deals generating more than $8.5 million in estimated commissions.
Financial and other terms of the deal were not disclosed. The transaction is expected to close in the second quarter of 2007, subject to standard closing conditions.
Michael Gooch, Chairman and Chief Executive Officer of GFI, said: "We are very pleased to add the energy procurement business of GSEC to GFI's growing energy coverage. GSEC is one of the most prominent retail energy brokers to emerge following the deregulation of the Texas energy market in 2002. This acquisition complements our addition of Amerex Energy last year and will provide us with a considerable presence in the growing field of energy procurement. In addition, we are delighted to welcome the talented GSEC team and their fine manager, Jeremiah Collins, to the GFI / Amerex family."
Michael Cosgrove, President of the Amerex division of GFI Group, said "By combining the growing business of GSEC with Amerex's already strong energy procurement operations, we are creating one of the leading retail energy procurement businesses in North America."
About GFI Group Inc. www.GFIgroup.com
GFI Group Inc. (www.GFIgroup.com) is a leading inter-dealer broker specializing in over-the-counter derivatives products and related securities. GFI Group Inc. provides brokerage services, market data and analytics software products to institutional clients in markets for a range of credit, financial, equity and commodity instruments.
Headquartered in New York, GFI was founded in 1987 and employs more than 1,400 people with additional offices in London, Paris, Hong Kong, Seoul, Tokyo, Singapore, Sydney, Cape Town, Englewood (NJ), and Sugar Land (TX). GFI provides services and products to over 2,000 institutional clients, including leading investment and commercial banks, corporations, insurance companies and hedge funds. Its brands include GFI(TM), Starsupply®, GFInet®, CreditMatch®, FENICS® and Amerex®.
About GSE Consulting L.P. www.gseconsultinglp.com
GSE Consulting, LP is a full service energy consulting company based in Dallas, Texas. Our goal is to provide our clients with premium energy procurement services through real-time market information and superior account management while obtaining the lowest prices available in the market.
Source: GFI Group Inc.
CONTACT: Alan Bright, Public Relations Manager, GFI Group Inc., +011-44-20-7877-8049, or alan.bright@gfigroup.co.uk
