Tonka Bay Sells PTI to Incline Equity

Tonka Bay Equity Partners has sold P.T. International, a supplier of mechanical power transmission products, to Incline Equity Partners.

P.T. International (PTI) is a supplier of metric and American standard power transmission products.  The company’s products include mounted ball and roller bearing units, roller chains, gears, sprockets and other products that are sold to original equipment manufacturers and large national distributors for use across a range of end-markets.  PTI was founded in 1994 and is headquartered in Charlotte, NC (www.ptintl.com).

Tonka Bay partnered with the management team of PTI to acquire the company in September 2012. During Tonka Bay’s ownership, PTI recruited and built out the management team and made a significant add-on acquisition with the buy of LMS Bearings, a Lafayette, CO-based supplier of commercial bearings, in March 2017.

“PTI is a great business” said Steve Soderling, Partner of Tonka Bay.  “Led by a dynamic management team and a board with deep industry expertise, PTI was able to invest in people, new product development and technology, which accelerated its growth.  PTI proved to be a very successful partnership for Tonka Bay and, with its talented management team in place, is poised for continued success.”

“Tonka Bay has been a great partner for our business” said Darin Davenport, CEO of PTI.  “Since I joined PTI in 2013, Tonka Bay has been a strong supporter of our team and made the investments to help us build a bigger, better business.  They provided the guidance, resources and expertise to help accelerate our growth and position PTI for a bright future.”

Tonka Bay invests in manufacturing, value-added distribution and business services companies that have EBITDAs greater than $2 million. The firm is based in the Minneapolis suburb of Minnetonka (www.tonkabayequity.com).

Incline Equity Partners, the buyer of PTI, invests from $15 million to $30 million in support of recapitalizations, buyouts and corporate divestitures of lower middle market companies that have EBITDAs greater than $5 million and enterprise values between $50 million and $200 million. Sectors of interest include value-added distribution, specialized light manufacturing, and business and industrial services.  Incline was formed in 2011 and is based in Pittsburgh (www.inclineequity.com).

© 2018 Private Equity Professional | January 9, 2018

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