Talex Commodities Capital Ltd (Talex) is a client-focused boutique merchant bank working exclusively in the natural resource sectors, with a focus on mining and oil & gas. The principals in the business, Steven Rudofsky and Eric Kolodner, together have over 50 years’ complementary experience across a wide range of assets, transactions and jurisdictions.
Steven’s corporate background, including senior positions with Marc Rich & Co and Glencore, provides him with a rare depth of experience in the financing and trading of physical commodities and an impressive network of contacts within the sector. Having completed deals across six continents, Steven is extremely familiar with the complex set of variables that can lead to a project’s success or failure.
Eric’s experience as a corporate attorney with Cleary Gottlieb Steen & Hamilton representing prominent global industry participants, financial institutions and governments, together with his subsequent corporate experience, brings a structuring and execution facility to Talex clients. His knowledge of both Spanish and Mandarin promotes Talex’s reach into Latin America and Asia.
Talex consequently serves as one of the rare boutique firms performing corporate finance services in the natural resource sector whose approach rises above the mere “broker mentality” and instead emanates from deal-making experience within the top echelons of the industry itself. We are deal-makers, not deal-brokers.
Working directly with our clients, we do not leverage ourselves with inexperienced analysts or salespeople. Where applicable, we bring in technical consultants who have decades of experience in the field. As a result, we take on clients judiciously, and only when we have a high degree of confidence that we’ll be successful in fulfilling our remit.
Talex is typically engaged on an exclusive basis by natural resource companies for corporate finance services though we also work on “buy-side mandates” for a select group of investors, such as family offices and high net worth individuals. On a case-by-case basis, we may also invest into a transaction. Whether investing ourselves, working for a “sell-side” client or representing a “buy-side” funder, Talex pursues a collaborative approach focused on ensuring that value can be realised by all parties.
From the perspective of natural resource clients, Talex distinguishes itself through our:
Extensive expertise and exclusive focus on the natural resource sectors.
Significant background in physical commodities.
Unique investor network comprised of family offices, high net worth individuals, “under the radar” special situations and natural resource funds, as well as more traditional sources of equity and debt financing.
Experience in--and ability to propose creative financial solutions across--all segments of the capital stack, including public and private equity, mezzanine debt, convertible instruments, vendor financing, offtake finance and alternative forms of funding, such as streaming and royalties.
Legal background that facilitates analysis of relevant structuring issues and drafting of initial documentation, such as term sheets and NDAs, thereby saving clients upfront legal costs.
From the perspective of our investor network, Talex distinguishes itself through our:
Ability to source off-market or “special situations” investment opportunities through the network of contacts we have developed during our decades of experience in the natural resource sectors.
Capacity to filter high quality opportunities targeted to a particular investor’s funding parameters .
Performance of due diligence on technical, legal and financial matters, together with project consultants, as required.
Assistance with structuring, negotiation and execution of transactions.
Post-closing investor representation through serving on boards of directors as requested.
Having worked for decades in the natural resource sector, we know from experience that raising capital for mining and oil & gas projects can be a challenge, even during bull markets, not to mention the current market. We understand that anticipated transaction structures and terms evolve when they hit the marketplace. Our backgrounds allow us to lead a bespoke, iterative process and to navigate successfully between the aspirations of the project sponsors and demands of investors. There are no “typical” clients or transactions and no “standard” solutions.
We also understand that time is always of the essence to resource companies seeking funding and we consequently pursue transactions with an appropriate level of urgency. Deploying persistence, diplomacy and creativity, and relying on our deep background of deal-making in the natural resource sector, we are able to assist parties in bringing transactions to fruition through a well-run, timely and professional process.