Stewartville, Minn based Geotek, Inc., manufacturer of fiberglass products for the electric utility and animal-containment markets has been sold to Granite Equity Partners, a private equity firm out of St. Cloud, Minn.
In a deal brokered by Aethlon Capital, Stewartville, Minn based Geotek, Inc. has been sold to Granite Equity Partners of St. Cloud, Minn. Financial details of the transaction were not disclosed. Geotek will continue to operate under its current brand. GEOTEK founders Amy Donahoe and Conrad Fingerson will retire from daily operations and join the board of directors. They will continue in advisory capacities. Donahoe and Fingerson will also have an ongoing ownership stake in the company.
Geotek manufactures fiberglass components primarily for the electric utility and animal-containment industries. The merger will bring resources to the company to enable it to grow its business domestically and internationally.
“Our expanded relationship with Granite Equity Partners represents an exciting opportunity for GEOTEK’s employees and customers,” said Fingerson. “We are confident that Granite Equity Partners will help deliver stronger revenue for GEOTEK. Moreover, finding the appropriate buyer was a careful, thoughtful decision. With the assistance of Aethlon Capital, we selected Granite Equity Partners as the best fit for GEOTEK’s employees and customers.”
:: For fiberglass and composite parts, contact CED, Inc.
Site: http://www.CompositeEngineeringDesign.com/
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