Touton exclusive negotiations with Hartree Partners

PRESS RELEASE

(Version Française ici )

Bordeaux, France / New York, United States of America – August 25, 2025

Touton SA (“Touton”), a leading independent French soft commodity trading company, today announced it has entered into exclusive negotiations with Hartree Partners, LP (“Hartree”), a global energy and commodities trading firm, for the sale of the group. The contemplated transaction is expected to close in early January 2026, subject to the consultation with employees' representatives, regulatory approvals and satisfaction of conditions precedent.

Founded in 1848, Touton has built a globally recognized platform with a strong local sourcing network and long-standing relationships with blue-chip clients across origin and destination markets. The company has consistently demonstrated operational resilience and deep market insight, underpinned by a long-standing commitment to sustainable sourcing. Touton has over 15 years of experience developing bottom-up sustainability programs and has built a fully traceable, 100% sustainable direct cocoa supply chain. These capabilities have enabled the company to navigate recent cocoa crop season deficits and maintain supply commitments through volatile market conditions, reflecting the strength of its trading desks and research capabilities.

This contemplated acquisition would mark Hartree’s continued expansion into the soft commodities space following its acquisition of ED&F Man Commodities in July 2025. The addition of Touton would further diversify Hartree’s agricultural portfolio and strengthen its presence in soft commodities.

Patrick de Boussac, CEO and Chairman, commented:

“This partnership with Hartree would mark a significant milestone in Touton’s journey. With our shared commitment to excellence, long-term relationships, and global reach, we are confident that Hartree would be the right partner to support Touton’s continued growth and diversification. I am proud of what our teams have built over generations, and excited for the opportunities ahead.”

Stephen Hendel, Founding Managing Director at Hartree, commented:

"Touton’s legacy, market expertise, and global footprint would make it a natural fit for Hartree’s growing soft commodities platform. We are excited about the opportunity to welcome the Touton team and to support their next chapter of growth."

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.

End

About Touton SA

Touton is a France-based commodity trading company specializing in cocoa, coffee, vanilla, and spices. With over 700 employees across 14 subsidiaries and 7 processing and packing plants, Touton occupies a unique independent position in the global value chain. Touton serves a diverse base of blue-chip clients through its strong local sourcing network, long-standing producer relationships, and sustainability programs focused on traceability and compliance with evolving industry standards.

About Hartree Partners

Hartree Partners, LP is a leading global merchant commodities firm specializing in energy, commodities and associated industries. Jointly owned by senior management and funds managed by Oaktree Capital Management, LP, Hartree has over 27 years of experience in proprietary trading and principal investments. The firm employs over 4,600 individuals worldwide.