ED&F Man

ED&F Man International is a global agricultural commodities merchant founded in 1783 and headquartered in London, United Kingdom. The company specializes in trading soft commodities, particularly sugar, coffee, molasses, animal feed and fish oil.
== History ==
The company was founded by James Man in 1783 as a sugar cooperage and brokerage in London. It originally operated as a barrel-maker and sugar broker before diversifying to become a supplier of rum to the Royal Navy. In 1869, the company was renamed ED&F Man, incorporating the initials of James Man's grandsons Edward Desborough and Frederick.
Throughout the 19th and 20th centuries, ED&F Man expanded its commodities trading business beyond sugar and rum into other products like coffee and cocoa. 
Man moved to Mincing Lane in 1810, the hub of London's commodity trading. The company continued to grow over the next century, becoming the world's largest trader of cocoa and sugar. The firm established its first overseas operations in 1972 with offices in New York and Hong Kong. However, a significant transformation occurred in the 1980s when the firm, under the leadership of then-chairman Michael Stone and with the help of David Anderson, moved into futures trading. This shift was driven by the company's expertise in hedging and treasury operations, leading to the establishment of Anderson Man, a commodity futures brokerage, and Mantrad, a precursor to futures brokerage business, Man Financial.
In 1983, ED&F Man expanded into managed futures by acquiring a stake in Mint Investment Management, a successful commodity trading advisor (CTA). This venture proved highly profitable, prompting the company to further diversify by acquiring a majority stake in AHL, another managed-futures business. By the early 1990s, fund management accounted for a significant portion of ED&F Man's revenues, prompting the firm to focus more on financial services.
In 1994, ED&F Man went public, listing on the London Stock Exchange, and by 2000, the company decided to sell its commodities division through a management buyout, retaining the name ED&F Man for the commodities business. The financial services arm evolved into Man Group, which became a leading hedge fund manager.
===Slavery===
ED&F Man's history is intricately linked to the sugar trade, which has historical connections to the transatlantic slave trade. During the 18th and 19th centuries, the sugar industry was heavily reliant on slave labor, particularly in the Caribbean and the Americas, where enslaved people were forced to cultivate and process sugarcane.
While the specific involvement of ED&F Man in the slave trade is not detailed in the available sources, the company's early business activities in sugar and rum - products closely associated with the slave trade — suggest that its operations were part of a broader economic system that benefited from and perpetuated slavery. The history of sugarcane and its by-products, including rum, is deeply entwined with the exploitation and suffering of enslaved individuals who were made to grow and cut sugarcane.
Today, ED&F Man acknowledges the historical context of its industry and has taken steps to address modern slavery concerns. The company has issued statements under the UK Modern Slavery Act, outlining its commitment to ethical practices and compliance with modern anti-slavery regulations.
==Brokerage Business==
ED&F Man Capital Markets has a complex history rooted in the broader evolution of ED&F Man's financial services. The journey began in 1981 when ED&F Man entered the futures broking business by establishing Anderson Man, which later evolved into Man Financial. This division was eventually spun off through an initial public offering (IPO) to create MF Global. However, MF Global faced financial difficulties and ultimately declared bankruptcy in 2011, marking a significant setback in the company's brokerage operations.
Despite this challenge, ED&F Man re-entered the brokerage space by setting up ED&F Man Capital Markets as a distinct entity. This move was aimed at expanding its financial brokerage services, catering to institutional investors, hedge fund managers, and professional traders. In 2019, the company considered selling its brokerage division, exploring options that included selling a stake or offloading the business entirely, with an estimated valuation of over $500 million. However, the COVID-19 pandemic in 2020 disrupted these plans, leading to financial challenges and a court-approved refinancing plan to manage over $1 billion in debt. A London judge ruled on August 11, 2020, that ED&F Man could ask its creditors to refinance more than $1 billion in debt that the financial services company was unable to pay. High Court Judge Antony Zacaroli granted ED&F Man Treasury Management PLC's application to convene two emergency creditor meetings in order to pay down a number of loans and notes due in September. Failure to repay its debt in time would trigger default across the ED&F Man group of companies, attorneys said. Judge Zacroli said the refinancing package appeared to be fair to creditors, who have not objected to its terms. 
In 2022, ED&F Man underwent a significant restructuring process. This strategic move was part of an effort to manage the company's financial obligations and streamline its operations. 
In early July 2022 ED&F Man Capital Markets confirmed it was in talks to sell itself to Marex, a rival broker, and had agreed to a “period of exclusivity to finalise its proposed acquisition.” ED&F Man Capital Markets was acquired by Marex Group as part of Marex's strategy to grow its financial services platform and expand its global footprint. The acquisition, valued at approximately $235 million, was completed in phases during the second half of 2022. This acquisition has strengthened ED&F Man Capital Markets' capabilities and expanded its client offerings globally, marking a new chapter in its history.
On July 22, 2022 ED&F Man Capital Markets Ltd. said it would stop trading on the London Metal Exchange’s trading floor the following week, while retaining its status as a clearing broker. The brokerage had been planning the move ahead of the planned sale to Marex. About a dozen metals traders have resigned from ED&F Man Capital Markets and are set to join rival dealer Sigma Broking, Bloomberg reported.
===2024 Commodity Business Sale===
In August of 2024, it sold its commodity business to Hartree Partners. Hartree Partners, a global energy and commodities trading firm, acquired the majority of ED&F Man’s outstanding A2 and B1 Senior Secured Legacy Debt. Additionally, Hartree entered into an exclusive agreement to acquire ED&F Man Commodities' three main business units: Volcafe (coffee), ED&F Man Liquid Products (molasses, animal feeds, and fish oil), and ED&F Man Sugar.
This transaction marked a pivotal moment for ED&F Man, as it transitioned its focus and resources. The acquisition by Hartree was expected to close in 2025, subject to regulatory approvals and other conditions. As part of the agreement, ED&F Man Commodities' lenders agreed to amend and extend the company's cross-commodity facilities until March 31, 2026.
== Key People ==
File:Chris-mahoney-200.jpg|Chris Mahoney, Chairman
File:Phillip-murnane-200.jpg|Phillip Murnane, Group Chief Financial Officer
File:Richard-milnes-james-3x2-1.jpg|Richard Milnes-James, Independent Non-Executive Director
File:Alexandre-bauche-200-2.jpg|Alexandre Bauche, Managing Director, Sugar
File:Trishul-mandana-200-2.jpg|Trishul Mandana, Managing Director, Volcafe Coffee
File:Arie-van-der-spek-200-2.jpg|Arie van der Spek, Managing Director, MLP
== References ==
Category:Commodity Trading Firms
Category:Agricultural Commodity Merchants