Granite Equity has acquired a majority stake in GEOTEK Inc., a Stewartville, Minn.-based maker of reinforced fiberglass pultrusion products for the electric utility and animal containment markets. No financial terms were disclosed. GEOTEK co-founders Conrad Fingerson and Amy Donahoe will retire from daily operations and join the company’s board, while Derek Mazula, who assisted Granite Equity on the deal, will join GEOTEK as its new president.
Granite Equity announced today that it has made a majority ownership investment in Stewartville, Minnesota based GEOTEK, Inc. Over the past 18 years, GEOTEK has evolved into an internationally recognized designer, manufacturer and distributor of reinforced fiberglass pultrusion products for the electric utility and animal containment markets.
Using proprietary processes and several patented inventions, GEOTEK manufactures and distributes pultruded fiberglass-composite construction components that are used by electrical utility companies in the construction of transmission and distribution powerlines and substations.
Pat Mitchell, the retired President of Cold Spring Granite, will represent Granite Equity as the company’s new board chair. He commented that, “GEOTEK has an impressive track record of growth and innovation, and its future looks very bright for continued growth through market expansion and new product offerings. Our country’s new energy policy will rely upon the efficient and cost-effective transmission of power from producers to consumers.”
Concurrent with the transaction, GEOTEK’s co-founders, Conrad Fingerson and Amy Donahoe will retire from daily operations and join the board of directors, while continuing in advisory capacities. Both will also retain an ownership stake in the company. Derek Mazula, who assisted Granite Equity in the evaluation and planning for the investment will join the business as its new president.
Fingerson added, “We’ve worked side-by-side with the new owners (Granite Equity) and have confidence in their leadership to take the company to the next level. As founders, both Amy and I have deep interest in this company’s continued growth and success.”
This investment marks the third new investment that Granite Equity has made in the last forty-five days, following the recently announced MicroBioLogics and DeZURIK add-on acquisitions.
Granite Equity Partners, headquartered in St. Cloud, Minnesota, invests human and financial capital from our community of investors, executives, and advisors to advance select companies in our region toward their full potential. See www.GraniteEquity.com.
red in Denver.