Bunker Holding Buys LQM

 

Bunker Holding Group (Bunker Holding), a global leader in the purchase, sale and supply of marine fuel with 54 offices in 27 countries, announced today the acquisition of LQM Petroleum Services Inc. (LQM).

LQM is one of the largest international marine fuel oil brokers who handles approximately 10 million mts per year across ~250 customers worldwide. The Company has a strong presence in the United States with offices in New Jersey, Connecticut and Texas; as well as offices in London, Paris and Singapore.

Bunker Holding Group CEO, Keld R. Demant said: “The acquisition of LQM is a logical step in Bunker Holding’s growth strategy and brings together two family-owned businesses with similar values and a long history of working well together”.

“LQM is an excellent fit. It diversifies Bunker Holding beyond trading, providing a pure broker solution to customers who require it and strengthens our presence in the US market for blue-chip, high-volume customers,” Mr Demant said.

Keld R. Demant said LQM would remain as a broker-only business and will, as a separate division under Bunker Holding, continue to work independently with third-party trading companies. “It has been crucial for us that LQM remains neutral to the market and maintain its current business model” says Keld R. Demant.

Marisa Femenia, daughter of founders Gerry and Barbara Van Geyzel, has been appointed CEO of LQM having spent the past five years working as VP of Sales and Corporate Development and as a marine fuels broker at the company. Ms Femenia was formerly a management consultant at McKinsey & Co. and Accenture, where she worked with a variety of private and publicly traded companies, prior to joining LQM in 2010. She holds an MBA from Columbia Business School.

LQM CEO, Marisa Femenia said: “In Bunker Holding, we have a partner with the capabilities to provide a strong platform for the expansion of LQM’s broker business in Europe and Asia”.

“LQM’s position as a broker neutral to the market will remain unchanged but we see the opportunity to expand our offering. LQM’s customers will enjoy the same transparent and dedicated broker service, while gaining access to a wider range of products to meet their credit and risk needs,” Ms Femenia said.

LQM founder Gerry Van Geyzel has been appointed Chairman of LQM where he will continue at least through January 2016 to help assure that its clients continue to receive the highest level of service during the integration period and that the values that have enabled LQM to successfully partner with its customers in the past remain unchanged.

Concurrently, Gerry will be building his private interests in ClearLynx, a technology platform for the bunker fuel market. Barbara Van Geyzel, who co-founded LQM with Gerry, will remain unchanged in her role as a Sr. Executive and Broker, working to help LQM’s customers leverage the benefits of this business combination and otherwise increase LQM’s global presence in the market.