2013 2012: A Big Year for Deals 2012 2012 Shaping up as a Good Deal Year 2011 Aethlon Capital Names Jay Novak as an Advisor Sima Griffith Comments on M&A Activity at the Faegre & Benson M&A Conference 2010 Aethlon Capital Cautiously Optimistic Aethlon Capital Completes Equity Offering for Coolibar, Inc. 2009 New Geotek owner plans on expanding 2008 Granite City Food & Brewery Enters Into Long-Term Development Agreement After two PIPEs, Aethlon links Granite City with United Properties Shoreview firm gets $6 million capital infusion 2007 Step Ahead Give & Take Going Once Going Twice Diana Project Helps women's hunt for capital Novel Idea 2006 Minneapolis Foundation Names New Trustees 3rd Annual Minnesota Cup Keeping Control 2005 Looking For Angels 2004 VCs predict boost in funds tied to increased deal flow Entrepreneur of the year finalists Pitch Reference Guide 2002 Pub chain to double size, backed by $5.6M financing Business Journal honors leading Twin Cities businesswomen 2001 Aethlon Capital Helped to Keep Cirrus Flying High

New Geotek owner plans on expanding

PDF

E-mail

ByJeff Kiger Post-Bulletin, Rochester MN STEWARTVILLE -- A new owner is in the driver's seat at Stewartville's Geotek Inc., and the Fiberglass products maker is not slowing down. It might even shift into high gear soon. The company was purchased in February by Granite Equity Partners, a St. Cloud, Minn.-based private equity firm that bought Geotek for an undisclosed amount. "We're looking to maybe expand our existing lines and then possibly to develop some new product lines," says CEO Derek Mazula. Does that mean the facility might be upgraded or expanded? "As we go forward, we are definitely evaluating expansion both in terms of production equipment as well as the physical space to support growth," he said. "We're looking to be part of the economic recovery for the Rochester and the Stewartville area as we continue to grow." Geotek, which was founded by Conrad F. Fingerson and Amy L. Donahoe in Rushford in 1991, uses a pultrusion process to make Fiberglass crossarms and poles for electric distribution installations as well as posts for electric fences to contain farm animals. It has about 50 people on staff. Mazula says Geotek is seeing growth in the electric distribution industry as long delayed maintenance is driving upgrades. He describes the Fiberglass product as superior to the standard wooden crossarms, because they are stronger as well as having up to three times the life span, being lighter to install and insulating more effectively. Fingerson and Donahoe moved the company to Stewartville in 1996. The founders now are members of Geotek's board of directors. "The nice thing about this is it is an investment by a Minnesota company by another Minnesota company," says Mazula. "Granite saw this as a great opportunity that is really superbly positioned for growth." While the buyer is from St. Cloud, the new CEO came from much closer to Geotek. Mazula was in Rochester when he was approached about the project. While much of his background is in manufacturing and supply chain management, Mazula's most recent project was founding Drifens, A Rochester chemical dependency recovery center. The deal that brought him into the top spot at Geotek was negotiated by Aethlon Capital, a Minneapolis investment bank. "Despite the credit crunch, there are still buyers in the market for strong businesses like Geotek," stated Sima Griffith of Aethlon Capital in a press release.