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March 16, 2009

GeoTek in Stewartville sold

Very little detail on this sale, which happened in February.

This is a biz that once was based in Rushford, but it moved to Stewartville in 1994. The owners Conrad F. Fingerson and Amy L. Donahoe bought the former Mentor Corp. facility to make the move.

GeoTek Manufactures fiberglass poltrusion products, such as tension bars for chainlink fencing; crossarms for utilities; and landscape pins for retaining walls. Not sure of employee numbers, but it often has about 30 on staff.

Here's some from the press release by the firm that did the deal, not either the buyer of the seller:

Aethlon Capital announced today that it negotiated the sale of GEOTEK, Inc., manufacturer of industry-leading reinforced fiberglass products for the electric utility and animal-containment markets, to Granite Equity Partners, a private equity firm located in St. Cloud, Minn. The transaction closed on February 4, 2009, and brings more resources to GEOTEK for growth domestically and overseas. The company will continue to operate under the name GEOTEK, Inc.

Concurrent with the transaction, GEOTEK founders Amy Donahoe and Conrad Fingerson retired from daily operations and joined the board of directors, and will continue in advisory capacities. Donahoe and Fingerson will also have an ongoing ownership stake in the company.

“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.”

Commenting on the sale, Sima Griffith, Managing Principal of Aethlon Capital said “We are very pleased to have advised GEOTEK’s founders on the sale of their business. Despite the credit crunch, there are still buyers in the market for strong businesses like GEOTEK.”


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Wonder what upside the Granite Equity group sees in GeoTek?

For diversification purposes.

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