Houston, Texas — Tricon Energy, a Houston-based distribution, trading, and logistics firm, announced it has entered into a purchase agreement to acquire eXsource, a specialty polymer distribution business based in Australia and New Zealand, from Qenos. The deal is expected to close within the next 30 days.
"We are growing our polymers distribution business," said Ignacio Torras, Tricon CEO. “This acquisition adds new geography to the range of services we offer to our customers and suppliers, and expands our market position in Australia and New Zealand.”
As part of the deal, Tricon will acquire inventory, receivables, and the eXsource brand. eXsource employees will also join Tricon as part of the transaction, Qenos said in a statement.
“The eXsource employees joining Tricon bring valuable market knowledge and customer relationships, along with a fantastic legacy and reputation,” said Torras. “We are excited about the opportunities this acquisition presents as part of our growth strategy.”
“This represents a great opportunity for the eXsource team to combine our local knowledge and partnerships with the global strength of Tricon. We look forward to the next chapter of connecting our customers to global solutions” said Martyn Jones, eXsource Business Manager, ANZ.
Qenos formed eXsource in 2017 to sell a range of polymers to new and existing customers. eXsource expanded to New Zealand in 2019.
