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

Book On Business

Bob2017

The 2017 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

Getting Ready For The Opening Round

Regional marketing plans are coming together as local officials try to leverage May's Wells Fargo Championship as a way to attract attention and potential business to the area.

Local Officials Make Use Of The Three ‘P’s’

Public-private partnerships could continue to transform Wilmington’s downtown for many years to come, officials say. They say P3 projects li...

Hotel Boom Comes To Wilmington

In the realm of hotel development, Wilmington is checking in to the industry’s growth. Hotels are in the works around the region. But nowher...

Ico topnews Editor's Picks

City Officials To Hear Rail Realignment Update

Cece Nunn - Feb 17, 2017 Trending News

Sound Bank Announces Merger With Raleigh-based Bank Company

Jenny Callison - Feb 17, 2017 Trending News

Officials: GE Hitachi Facing Layoffs

Vince Winkel - Feb 17, 2017

HVAC Firm To Expand In Wilmington With Blue Clay Road Facilities

Cece Nunn - Feb 17, 2017
Contractors

Puroclean

Ico trending Trending News

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