According to Bloomberg,
Armajaro Holdings Ltd., founded by Anthony Ward and Richard Gower, agreed to sell its soft commodities trading unit to Ecom Agroindustrial Corp., the world’s second-biggest coffee and third-largest cocoa trader.
Armajaro won’t disclose the price, Brian Buckley, a spokesman at the company’s public relations representative Brunswick Group LLP, said by phone from London today. The company’s trading arm, Armajaro Trading Ltd., reported a loss of $7.6 million in the year ended September 2012.
“Our stakeholders in both companies will benefit greatly from the combined service offerings and strengths of the companies,” Andrew Halle, Ecom’s chief executive officer, said in a statement e-mailed today. “It moves us further down the path of being the leading integrated soft-commodity company.”
Alain Poncelet, deputy CEO of coffee and cocoa at Pully, Switzerland-based Ecom, will become CEO of Armajaro Trading, according to the statement. Mark Dendle, Ecom’s chief financial officer, will have the same role at the newly purchased unit.
Armajaro Trading posted the loss after a profit of $17.3 million in 2011, a filing with U.K.’s Companies House showed. The company received $30 million from Armajaro Trading Group Ltd. in 2012, according to the filing. Andrew Stone, former CEO at the London-based company, left in August, the second CEO to resign in less than a year. Richard Ryan departed in 2012.