Marex Group acquires warehousing firm Edgemere Terminals, sources say

Pratima Desai

Mon, Mar 24, 2025, 9:09 AM 2 min read

By Pratima Desai

LONDON (Reuters) - Marex Group has bought warehousing and logistics institution Edgemere Terminals, which did not person the wealth to conscionable the London Metal Exchange's caller superior adequacy rules, 3 sources with cognition of the substance said.

The LME precocious past week sent a announcement to its members informing them of a alteration of code for Edgemere Terminals to 155 Bishopsgate, London, wherever commodities broker and fiscal services steadfast Marex is headquartered.

Edgemere and Marex declined to comment.

Edgemere is approved by the LME, which past twelvemonth hiked its superior adequacy requirements to a minimum of 5 cardinal pounds ($6.46 million), from 1 cardinal pounds previously, for the warehouse companies successful its web of 33 locations crossed the United States, Europe and Asia.

The 148-year-old exchange, owned by Hong Kong Exchanges and Clearing Ltd., besides accrued the minimum level of security indemnity required for warehouses to 1 cardinal pounds from 500,000 pounds previously.

Edgemere did not person the wealth to comply with these requirements and had been looking for a purchaser since then, the sources said, adding they did not cognize however overmuch Marex paid for the warehousing steadfast oregon erstwhile the transaction took place.

In August past year, UK-based Marex's CEO Ian Lowitt told Reuters the U.S.-listed steadfast was readying acquisitions to diversify the company, aft beardown results that sent shares to a grounds high.

Marex bought rival ED&F Man Capital Markets to boost its metals concern and grow successful fixed income and equities successful 2022, successful a woody sources said was worthy $220 million.

The LME said successful a merchandise past September the bankruptcy of a warehouse institution successful 2016 supported the increases successful the minimum superior adequacy requirements and the minimum level of security indemnity.

($1 = 0.7744 pounds)

(Reporting by Pratima Desai; editing by Nia Williams)