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StoneX Group Inc. (NASDAQ: SNEX) has completed its acquisition of Right Corporation, a Bozeman, Montana-based physical meat-trading company, marking the financial services firm's entry into wholesale meat supply and distribution.
The deal enhances StoneX's global trading capabilities through its subsidiary StoneX Commodity Solutions (SCS) whilst extending Right Corporation's market reach and providing growth capital. Right Corporation's physical supply and trading infrastructure will enable StoneX to expand its pricing services beyond its current over-the-counter swap desk, which provides financial hedges on meat cuts to packers and end-users.
Founded in 2000, Right Corporation provides trading and logistics services for independent meat packing operations, distributors, and end-users. The company has built its reputation under the leadership of owner Leslie Wright, who possesses extensive industry expertise and long-standing client relationships. Wright will continue in a leadership role with StoneX Commodity Solutions following the acquisition.
We couldn't be happier with the outcome of this acquisition. It provides Right Corp with greater access to capital and our clients with the institutional strength and resources of StoneX. With our combined capabilities and the growth capital to scale, we're excited about the opportunities ahead.
Leslie Wright, Right Corporation owner
Brent Grecian, CEO and President of SCS, outlined the strategic rationale behind the acquisition:
This acquisition expands StoneX into physical meat trading, secures a meaningful client base and enhances our ability to serve processors, packers, distributors and end-users with greater scale, efficiency, and value. Right Corp recognised the value we bring through our systems, financial strength, and global network of employees and clients. We aim to expand the Right Corp business significantly in the coming years. We are very pleased that Leslie, the driving force behind Right Corp, has chosen to continue with StoneX in a leadership role.
Brent Grecian, CEO and President of SCS
The acquisition positions Right Corporation to expand its international reach with additional sourcing opportunities from Brazil, Argentina, Australia, and New Zealand, complementing existing sales channels in Mexico, Europe, the Caribbean, and Southeast Asia.
Ryan Turner, Regional Director, Commercial Ag for StoneX, emphasised the strategic timing of the deal:
The addition of Right Corp expands our capabilities and will provide our clients even greater access to price risk management products and services in the protein space. The combination of Right Corp and StoneX will also open international expansion beyond the regions where Right Corporation already does business. With the US facing small cattle herds and increasing protein demand, having expanded global supply sources is crucial for serving the needs of our clients.
Ryan Turner, Regional Director, Commercial Ag for StoneX
Right Corporation's clients will gain access to StoneX's broader product suite, including OTC and physical commodities hedging, financing solutions, logistics support, and deep liquidity across fixed income products.
