Tonka Bay Equity Partners has acquired Seaway Plastics Engineering, a plastic injection molding company specializing in prototype and low volume production. Co-investing in the transaction with Tonka Bay were Seaway’s owners Tim Smock, CEO, and Paul Bernard, President.
“We are pleased to have the opportunity to invest in Seaway and to work with Tim and Paul,” said Cary Musech, Managing Principal of Tonka Bay Equity Partners. “Our firm’s prior investments in injection molding and prototype to production business models make Tonka Bay a value-added partner for the company.”
Seaway Plastics Engineering is a plastic injection molding company specializing in prototype injection molding, low to medium volume production, mold making, and surface finishing through its Florida Finishing division. The company sells to OEMs in the medical, aerospace, military, packaging, food service, industrial, electronics, and consumer products industries. The company has approximately 160 employees at its facilities in Port Richey and Brooksville, FL (www.seawayplastics.com).
“We were seeking a partner that could help us serve our expanding list of top-tier customers, and provide growth opportunities for our employees,” said Mr. Smock. “Tonka Bay’s culture and industry experience make them an ideal match for our company.”
Tonka Bay Equity Partners invests in highly-engineered manufacturing, value-added distribution and business services companies with EBITDA greater than $2 million. The firm is based in the Minneapolis suburb of Minnetonka (www.tonkabayequity.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 3-10-15