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Chartworth Advises the Management of GT Equipment Technologies in the Acquisition of a Majority Interest by GFI Energy LLC
Portsmouth NH, February 7, 2006 – Chartworth announced today that it served as an advisor to the management of GT Equipment Technologies, Inc. (GT), a worldwide leader in the design, manufacture, and installation of turnkey manufacturing lines for wafers, cells and solar modules, in the sale of a majority interest in the company to an investor group, GFI Energy Ventures, LLC. Terms of the acquisition were not disclosed. GT’s management team will continue to be led by CEO Dr. Kedar Gupta and President & COO Tom Zarrella and the company will remain based in Merrimack, NH.
“We are pleased to partner with GT’s experienced management team and to play a role in supporting the Company’s next phase of substantial growth in revenues and profitability,” said Richard Landers, a Principal of GFI Energy Ventures. “GT offers the only one-stop-shop for the design, construction and deployment of photovoltaic (PV) factories in the world. We expect the market for solar equipment to continue its significant growth and believe GT, as a market leader, is well positioned to capitalize on this growth.”
“We are very excited to be partnering with GFI,” said Dr. Kedar Gupta, co-founder and CEO of GT. “The GFI relationship gives us substantial added capacity, resources, and expertise to support our Company’s response to expanding customer and market needs. Demand for solar equipment continues to grow at double-digit rates every year. As the basic economics of solar energy continue to become more attractive, we believe that solar energy penetration in homes and businesses worldwide will continue to accelerate, fueling the demand for GT’s PV products and services.”
Chartworth provides corporate finance, investment banking, business development and management consulting services to entrepreneurial companies. The firm specializes in helping businesses in transition build and realize corporate value through mergers and acquisitions. All investment banking and securities activities are conducted exclusively through Chartworth Capital, LLC, an affiliate of Chartworth, LLC. Chartworth Capital, LLC is a member of the National Association of Securities Dealers (NASD) and the Securities Investor Protection Corporation (SIPC).
Chartworth has offices in Portsmouth and Manchester, NH.
For more information, please contact:
Howard Smith, Principal
603.766.0478 Ext. 1
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