Royal Bank of Canada has announced that it has acquired the Athena Energy Group, a market leading natural gas supplier in Quebec. The acquisition expands RBC Capital Markets' existing business, which offers structured pricing for natural gas supply, from Ontario into Quebec.
Terms were not disclosed.
'RBC is the leading Canadian bank offering structured contracts for natural gas supply directly to commercial clients, helping them manage their exposure to changes in energy prices. This acquisition builds on our existing presence in the market and positions us well for the future', said Bruce Macdonald, Head of Commodities & Electronic Trading at RBC Capital Markets. 'Athena has longstanding relationships with more than 400 commercial and institutional clients in Quebec, and its team will be able to leverage the strength in commodities and risk management of RBC to provide additional value to its clients'.
RBC Capital Markets' Commodities group provides leading international sales and trading capabilities across a variety of commodity markets (oil and gas, metals, agriculture, electricity and carbon emissions) in North America and Europe.
'The Athena team is excited about the opportunity to join RBC. As part of RBC Natural Gas Services Inc., we will have even better tools to continue to provide outstanding service to our customers and further grow our business', said Robert Bédard, principal co-founder, Athena Energy Group and vice president and co-head of commercial energy, RBC Capital Markets.
The Athena Energy Group was a privately-held business headquartered in St. Leonard, Quebec, consisting of two sister companies, Athena Energy Marketing Inc. and Athena Energy Services Inc. Effective immediately, the Quebec natural gas structured contracts business is renamed and will operate as RBC Natural Gas Services Inc.