Gunvor’s majority owner Torbjörn Törnqvist will sell the entirety of his holdings in a management buy-out.
The global energy commodities trader Gunvor Group has entered a new era amid a management-led buy-out offer of the company from existing ownership.
Under the agreement, majority owner Torbjörn Törnqvist will sell the entirety of his holdings in favor of a group of current employees, who will wholly own the company. There will continue to be no outside ownership or interests.
The insider buy-out, aimed at establishing a “definitive reset” and “path forward” for the company, will entail a series of structural and governance changes, according to the company’s Monday announcement.
In the announcement, Gunvor emphasized that Gary Pedersen has been appointed as chief executive officer of the company.
Pedersen was signed in 2024 as CEO Americas based in Houston, with the intention of eventually assuming global leadership. For an interim period, he will be based in both Houston and Geneva.
Pedersen is a 30-year veteran of the energy commodities trading industry with experience spanning from Millennium Management LLC – where he served as senior portfolio manager for cross barrel oil products – to Koch Industries, Inc., where he worked for various entities, including Koch Chemical Company, Flint Hills Resources, and Koch Supply & Trading.
Changes to the Gunvor’ board of directors and executive committee will be implemented. Members of the Törnqvist family or representatives thereof will exit the board of directors and executive committee.
Gunvor’ new ownership has signalled it will stick to the current strategy of expanding internationally, diversifying its business, and investing along the energy supply chain, with a particular emphasis on investments and development within the U.S. market, along with Europe and Asia.
“The time is right for this transition. A generational shift has well been underway, and we have the financial strength, liquidity, and depth of leadership to continue to advance our global growth strategy,” said Pedersen. “Our goal is to uphold our leading role as a reliable and competitive participant in the global energy markets-today and well into the future.”
