Pricing Agribusiness Risk

Our expertise and experience in pricing risk in agribusiness enterprises is central to our ability to advise on capital markets funding strategies.


Hardman logo

Hardman & Co was established in 1996 by Roger Hardman as a provider of investment research for small to ‘mid-cap’ companies listed on the London Stock Exchange and other international bourses. Roger recognised the growing gap in the provision of company research, especially for smaller and medium-sized quoted companies. As a result Hardman & Co was in the vanguard of the development of corporate research services. Today Hardman & Co is a leading provider of research services and investor engagement services for companies spanning diverse sectors of the London Stock Exchange.

Hardman & Co entered into a Joint Venture agreement with Doug Hawkins in 2009 to establish Hardman Agribusiness as a capital markets advisory practice for agribusinesses seeking engagement with the international capital markets. Hardman Agribusiness is located within the Hardman & Co offices in Tokenhouse Yard, London EC2R 7AS and it publishes corporate research under the Hardman & Co brand.


Colinette Partners Limited

Stephen Uhlig of Colinette Partners Limited has 40 years of experience  in the origination and management of complex project financing across a variety of emerging & frontier markets.  Stephen has been responsible for raising in excess of $5bn of long term finance from the commercial banking sector and from multilateral and bilateral institutions. While partnering with Hardman Agribusiness, Stephen has developed a keen understanding of the circumstances under which upstream and midstream agri-processing businesses can access project finance.

During his career Stephen has advised corporations, government agencies, regulators, aid agencies, development banks and NGOs in respect of a variety of major infrastructure programmes including:

  • Ceska Sporitelna Bank re M3 Highway, Hungary
  • RAVE (High Speed Train Authority, Portugal)
  • China State Grid Company re acquisition of Philippines High Voltage Transmission Network
  • Strabag AG, Hochtief AG in respect of PPP Motorways in Poland
  • Advisor to the European Commission on water concessions in Romania,
  • Advisor to the European Commission on airport privatisation in Macedonia
  • Advisor to Airtouch (Vodafone) and Polkomtel partners on successful bid for GSM licence and subsequent financing
  • Advisor re financing of A2 Tolled Motorway, Autostrada Wielkopolska S.A.
  • Advisor on the financing of the Midal Stegal gas pipeline
  • Advisor to EBRD on the establishment of the Russian Project Finance Bank
  • Advisor on financing of Czech Refinery Company (Kralupy and Litvinov)


on the ball 27A - Copy

Established by Senior Partner, Marc Donaldson in 2010, On The Ball Consulting is a professional advisory services firm working with commercial clients right across the cocoa value chain. Operating out of Singapore, On The Ball has specific expertise in respect of:

  • Sourcing of cocoa and industrial chocolate
  • Cocoa processing
  • Chocolate manufacturing
  • Cocoa and chocolate processing and manufacturing related research and development, and product development
  • Product / brand marketing
  • Cocoa sustainability.

Clients include some of the largest names in the chocolate confectionery sector including Mars Inc, Barry Callebaut AG, Petra Foods and Aalst Chocolates. The dialogue between On The Ball and Hardman Agribusiness was initiated in 2014 since when the two firms have co-operated on a number of cocoa value chain initiatives.

Marc Donaldson Bio Pic

On The Ball’s Senior Partner, Marc Donaldson brings 30 years of experience of the cocoa value chain to his firm’s advisory service offering. While Marc’s regional focus has been biased towards Asia Pacific, his ‘C’ level operational experience spans the implementation of large scale cocoa processing facilities (Delfi Cocoa Pte, Hamburg), responsibility for sales and marketing of industrial chocolate for Barry Callebaut in Asia Pacific, director of innovation for one of the largest chocolate confectionery companies in Australasia, and director for cocoa sustainability at Petra Foods Ltd.

Together, Hardman Agribusiness and On The Ball Consulting are able to provide cocoa value chain businesses with fully integrated advisory services extending from upstream production, through sourcing of beans and couvertures and brand / market segment development.



Vinay Chand Associates (VCA) is the leading international coconut consultancy and the partner for Hardman Agribusiness in the coconut sector.

VCA has at its centre a proprietary database for the global coconut value chain. Headed by Mr Vinay Chand, for the past 30 years VCA has been providing strategic and technical advice to coconut projects and ministries in most of the leading producer countries, including Philippines, Indonesia, India, Sri Lanka, Thailand, Malaysia, Vietnam, Mexico, and PNG. Additionally, Mr Chand has addressed a number of technical meetings of the Asian Pacific Coconut Community, he has advised the private sector on the production of coconuts and international food and beverage corporations have sought his advice on the procurement of high quality supplies. Former clients include Fiji Copra Millers Association, The Ambassadors of Vanuatu and Samoa, The European Commission and The Sultanate of Oman.

An alumnus of the London School of Economics, and a former lecturer in economics at the University of the South Bank in London, Mr Chand has been a consultant economist for 38 years specialising in value chain development, agri-business, markets and marketing. VCA has a particular focus on the economics of development projects and in particular on export led ‘pro-poor’ projects centred on agricultural diversification.