(June 4, 2004) – Rockwood Equity Partners, a private equity investment firm based in New York and Cleveland, announced today that it has acquired Global Thermoelectric, Inc. (“Global”) from FuelCell Energy, Inc. for $22.75 million Canadian. Rockwood partnered with the company’s senior management team, led by President Bernie LeSage, in acquiring the Company.
Based in Calgary, Alberta, Canada, Global is the world’s leading designer and manufacturer of thermoelectric generators (“TEG”), and has been engaged in the development and sale of niche power generation products for more than 25 years. Generating up to 5,000 watts of power without moving parts, Global’s TEGs are used as a source of reliable electrical power in remote areas. Applications for Global’s TEGs include providing power for natural gas pipeline and well cathodic protection, remote monitoring and control systems, navigational aids and telecommunications systems.
“We are excited to partner with management in the buyout of Global Thermoelectric,” said Owen M. Colligan, Principal of Rockwood Equity Partners. “Under the leadership of President Bernie LeSage, the company has developed an excellent reputation for designing and manufacturing leading edge power generation products. We believe the business is well positioned to grow in response to the increasing demand for natural gas. Global is a great fit with our firm’s investment philosophy, and we look forward to working with Bernie and his team to help the company to continue its growth.”
Bernie LeSage, President of Global, said, “Global is the leader in providing reliable and cost-effective remote power solutions to the natural gas, telecommunications and military markets. With Rockwood’s support we plan to accelerate our growth through new product offerings, expanded market coverage and strategic acquisitions.”