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
Shaver headshot

Summertime Back Pain Prevention

R. Todd Shaver - Shaver Chiropractic & Natural Medicine
Aaeaaqaaaaaaaaidaaaajdhiztrkodm0lte2yjetngrkmy1hotrmltawmdvlmwqyztmymw

Intern Becomes Entrepreneur Through CIE Support

Diane Durance - UNCW Center for Innovation and Entrepreneurship
Dallas headshot 300x300

Selling Out Without Regret

Dallas Romanowski - Cornerstone Business Advisors

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

In The Loop: Upcoming Area Business Events

Upcoming business and networking events through Oct. 31.

Special Use Permit Arguments Linger On

Special use permit. Have you grown tired of those three words yet? It would be understandable if you were. For five years now, those three w...

With Tax Help Comes Some Affordable Housing

Federal low-income housing tax credits are especially important, officials say, in areas like Wilmington, where housing and land costs are o...

Ico topnews Editor's Picks

Lucas Farmhouse Hosts Pie On The Porch

Jessica Maurer - About 5 hours ago Trending News

TekMountain Included In State Co-working Network

V.L. Craven - Sep 23, 2016

LM Restaurants Makes Mid-Market Fast 40 List

Jessica Maurer - About 5 hours ago

Taste Of Wrightsville Beach To Include Eats, Drinks From More Than 40 Beach Venues

Jessica Maurer - About 5 hours ago Trending News
Other

Markraft Cabinets

MarKraft Cabinets specializes in cabinet and countertop design and installation in both new residential and commercial construction, as well as custom remodeling projects.

Ico trending Trending News

Ico newsinimages News in Pictures

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

Gallery Galleries

Video Videos

WilmingtonBiz Expo - Key Note Lunch with Keynote Lunch with Chip Mahan - 2016
Health Care Heros 2015

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