NEW YORK, May 3, 2016 /PRNewswire/ -- Big Apple Energy, LLC ("BAE") announced that it has purchased Vantage Commodities Financial Services, LLC ("Vantage"). Founded in 2011, Vantage provides asset-backed funding in the energy sector focusing on accounts receivable and inventory supply financing to energy supply companies ("ESCOs") in the power and gas markets. Vantage has in place a $75,000,000 credit facility with Macquarie Bank Limited ("MBL") that was renewed as part of the transaction.
Victor Ferreira, BAE and Vantage CEO, said, "We believe that the ESCO industry is at pivotal point in its transformation from offering commodity focused products to providing a variety of value added solutions to its customers. We see Vantage as being uniquely positioned to support ESCOs and the more diverse financing needs that they will require as the industry evolves."
Vantage has brought on Sumit Takkar, formerly of Maple Securities, in the role of President. Mr. Ferreira added, "We are excited to have Sumit come on board with his extensive background in both the finance and ESCO space."
Vantage Commodities Financial Services, LLC offers capital efficient and scalable trade credit solutions to the energy sector. Its primary products are asset-backed credit facilities related to the purchase of energy commodities.
Founded in 1998, Big Apple Energy is a market aggregator supplying small to medium size ESCOs that typically lack the buying power and expertise to effectively compete in the deregulated natural gas and power markets. BAE creates value for its clients through its purchasing and outsourcing capabilities and by aggregating its client's requirements to give them the leverage of larger ESCOs. BAE also provides an EDI and billing software platform in addition to supply financing.
For more information, please visit http://vantagecommodities.com
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SOURCE Big Apple Energy, LLC