M&A Deal Summary

Intermediate Capital Group Acquires Seaway Plastics Engineering

On June 23, 2022, mezzanine finance firm Intermediate Capital Group acquired plastics company Seaway Plastics Engineering from Tonka Bay Equity Partners

Acquisition Highlights
  • This is Intermediate Capital Group’s 2nd transaction in the Plastics sector.
  • This is Intermediate Capital Group’s 18th transaction in the United States.
  • This is Intermediate Capital Group’s 1st transaction in Florida.

M&A Deal Summary

Date 2022-06-23
Target Seaway Plastics Engineering
Sector Plastics
Buyer(s) Intermediate Capital Group
Sellers(s) Tonka Bay Equity Partners
Deal Type Secondary Buyout

Target

Seaway Plastics Engineering

Port Richey, Florida, United States
Seaway Plastics Engineering is a full-service plastic injection molding company specializing in prototype injection molding, low-volume production, and mold making. Seaway Plastics Engineering was established in 1974 and is based in Port Richey, Florida.

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Buyer(S) 1

Buyer

Intermediate Capital Group

London, United Kingdom

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 1989
PE ASSETS 74.5B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Intermediate Capital Group (ICG) is a global mezzanine finance firm. IGC looks to provide junior capital to support a wide range of transactions, including buyouts, debt restructurings, and development financing. The Firm generally invests alongside financial sponsors and management teams in transactions valued from €250 million to €1 billion. ICG was formed in 1989 and is headquartered in London.


DEAL STATS #
Overall 283 of 292
Sector (Plastics) 2 of 2
Type (Secondary Buyout) 111 of 114
State (Florida) 1 of 2
Country (United States) 18 of 19
Year (2022) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-01 Newton

Oxfordshire, United Kingdom

Newton is a consulting firm, with a particular focus on generating operational improvement for its clients. The company serves semiconductor chip makers and equipment manufacturers.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-30 Doc Generici

Milan, Italy

Doc Generici provides drugs for the treatment of common medical conditions with a broad product portfolio and a strong presence in areas including cardiovascular, gastrointestinal/metabolism and neurological treatments. Doc Generici operates an asset-light model and benefits from a consolidated network of suppliers. Doc Generici was founded in 1996 and is based in Milan, Italy.

Sell -

Seller(S) 1

SELLER

Tonka Bay Equity Partners

Minnetonka, Minnesota, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 560M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Tonka Bay Equity Partners is a Midwest US-based private equity firm that targets control and non-control investments in manufacturing, business services, and value-added distribution companies with at least $2 million of EBITDA. Tonka Bay will consider a variety of transaction situations, including management buyouts, shareholder liquidity events, recapitalizations, and expansions. Tonka Bay Equity Partners was formed in 1998 and is based in Minnetonka, Minnesota.


DEAL STATS #
Overall 22 of 24
Sector (Plastics) 1 of 1
Type (Secondary Buyout) 11 of 11
State (Florida) 1 of 1
Country (United States) 22 of 24
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-26 Professional

Vancouver, Washington, United States

Professional delivers value-added accounts receivable management services to their healthcare, governmental, and utilities client base. The company combines innovative proprietary technology, industry-leading compliance, and best-in-class customer service. Professional was formed in 1933 and is based in Vancouver, Washington.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-11-30 Standard Locknut

Westfield, Indiana, United States

Standard Locknut is a manufacturer of specialized bearing accessories and also provides contract machining services. Standard Locknut was founded in 1948 and is based in Westfield, Indiana.

Buy -