Wilmingtonbiz logo
Print
More News

Global Earth Energy Acquired, Moving To Charleston, S.C.

By Jenny Callison, posted Jan 24, 2014
Wilmington-based Global Earth Energy (GLER) has signed a definitive agreement to be acquired by Charleston, S.C.-based Hawk Manufacturing, Hawk officials announced this week.
 
The transaction is expected to close by the end of January, according to a news release.
 
The transaction is actually a reverse merger. Currently, GLER owns a 20 percent interest in Hawk Manufacturing, which in turn owns 20 percent of GLER. Terms of the proposed deal call for Hawk to acquire “a significant majority of the shares in Global Earth Energy,” the release stated. Then, all subsidiaries of Hawk Manufacturing and Global Early Energy will be rolled into the new entity.
 
Global Earth Energy will move its headquarters to Charleston and eventually trade as Hawk Manufacturing Inc., after FINRA’s regulatory approvals for a new symbol and company name, according to the release. A new leadership team, headed by Hawk’s Stacey J. Ragsdale and John Ragsdale, will take the reins.
 
Current GLER CEO Sydney Harland and chairwoman Betty Harland will resign and retire from their current positions but will remain on the board of the new entity. They were essentially the only company staff in Wilmington.
 
The proposed merger is a variation on a proposed plan outlined by Rich Kaiser, a business consultant acting as GLER spokesman, in a December interview. At that time, Kaiser said that GLER’s ultimate goal was to purchase – either directly or through Hawk Manufacturing – a total interest in all of the companies in which it currently has a part interest.
 
GLER has undergone several changes – including a name change – since its establishment in 1996, but it has always been involved in the oil and gas business, Kaiser said in December.
The company adopted its current name in 2008 and within the past several months, it has announced several strategic alliances and acquisitions.
 
On Dec. 13, GLER announced the engagement of Condor Acquisitions Inc., a private mergers and acquisitions firm, to provide advisory services for the company in the areas of strategic mergers and acquisitions, corporate finance, financial structuring and other asset acquisitions and divestitures.
 
 

Join The Discussion

Similar Stories

Ico insights

INSIGHTS

SPONSORS' CONTENT

Book On Business

2016 bob cover

The 2016 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!
Print Only
$24.95 - Qty
Print + Excel File
$79.95 - Qty

In The Current Issue

Nonprofits Weather Ups, Downs For Giving In 2016

Area nonprofits saw a mixed bag of fundraising results in 2016. Some were up and sought out other revenue streams, while others faced a range of hurdles including the election year in convincing people to give.

Info Junkie: Jon Evans

Info Junkie Jon Evans, anchor/reporter/managing editor for WECT-TV and Fox Wilmington, on his app and media picks....

Area Entrepreneurs Tackle Raising Capital

Startups wade through the world of funding, with some turning to investors outside the area....

Ico topnews Editor's Picks

Musical Supply Manufacturer Offers To Buy Building From Pender County

Cece Nunn - About 13 hours ago Trending News

First Tee Of Greater Wilmington Will Benefit From Golf Championship

Vince Winkel - About 14 hours ago Trending News

Animal Pharmaceutical Firm Buys Sir Tyler Drive Building For $1.25M

Cece Nunn - About 15 hours ago Trending News

New Plan In Works Where Workforce Housing Had Been Approved

Cece Nunn - Jan 16, 2017 Trending News
Services

Gierie Orthodontics

At Gierie Orthodontics our passion is creating beautiful smiles. Dr. Bill Gierie is committed to maximizing your esthetic potential through enhancing the appearance of the teeth and face. We strive to ...more

Ico newsinimages News in Pictures

Have a tip, pitch or guest column?  Send us a tip.

Gallery Galleries

Video Videos

Wilmington's Most Intriguing People of 2016
WilmingtonBiz Expo - Key Note Lunch with Keynote Lunch with Chip Mahan - 2016

Register to Continue Seeing Wilmington's Best Business Coverage!


There are three ways to register for free.

Sign in with LinkedIn, Facebook or create an account:



Already registered? Login here.

Your free registration includes:

  • Access to 10 articles per month on WilmingtonBiz.com
  • Email updates to stay informed on local business news
  • A mobile optimized website
  • Advanced notification of Business Journal events
  • Management of your digital and print subscriptions
Laptop iphone ipad