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

OrderBobPartial

Get Your 2014 BOB Now!

Book On Business - $19.95
Book On Business (+ Excel file) - $79.95

Ico topnews Editor's Picks

Panelists Identify Economic Development Priorities

Jenny Callison - About 15 hours ago

Slice Of Life Opens In New Location

Liz Biro - Apr 22, 2014 Trending News

New Castle Branch Building Ahead Of Schedule

Jenny Callison - Apr 22, 2014

Speaker: Placemaking Is The New Urban Planning Element

J. Elias O'Neal - Apr 22, 2014
Insurance Brokers

James E. Moore Insurance Agency, Inc.

The James E. Moore Insurance Agency was founded in 1954 and since that time has continued to be one of the Independent Insurance industry’s leaders in bringing quality products to our clients across t ...more

Ico trending Trending News

Coldwater Creek To Close Wilmington, All Other Stores

J. Elias O'Neal - Apr 21, 2014

Downtown On A Roll

Liz Biro - Apr 23, 2014

Slice Of Life Opens In New Location

Liz Biro - Apr 22, 2014

Technology Success Story Lands Printworks In Spotlight

Jenny Callison - Apr 22, 2014

Thalian Association Hires Artistic Director

Jenny Callison - Apr 21, 2014

Ico newsinimages News in Pictures

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

Gallery Galleries

Video Videos

Power Breakfast Series - Special Sauce for Economic Development - March. 2014
WilmingtonBiz Expo Keynote - Ken Lowe - Founder HGTV, CEO Scripps Networks - March. 2014

The Best Business Coverage in Wilmington, FREE!


Click one of the social networks below to register... it's FREE!

LinkedIn or Facebook is the easiset and preferred way to access news, archives and content on WilmingtonBiz.com. If you prefer to not use your social account to register, click here.

Enjoy these benefits:

  • Access to daily news stories online
  • Mobile optimized website
  • Exclusive daily email newsletter
  • Advanced notification of Business Journal events
  • Manage your print and email subscriptions online
Laptop iphone ipad