M&A Deal Summary

Tonka Bay Equity Partners and Northstar Capital Acquire Standard Locknut

On November 30, 2022, private equity firm Tonka Bay Equity Partners and mezzanine finance firm Northstar Capital acquired manufacturer Standard Locknut from Industrial Group Holdings

Acquisition Highlights
  • This is Tonka Bay Equity Partners’ 4th and Northstar Capital’s 15th transaction in the Manufacturing sector.
  • This is Tonka Bay Equity Partners’ 30th and Northstar Capital’s 104th transaction in the United States.
  • This is Tonka Bay Equity Partners’ 1st and Northstar Capital’s 4th transaction in Indiana.

M&A Deal Summary
Date 2022-11-30
Target Standard Locknut
Sector Manufacturing
Buyer(s) Tonka Bay Equity Partners
Northstar Capital
Sellers(s) Industrial Group Holdings
Deal Type Divestiture

Target

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.

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Buyer(S) 2

Buyer

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 31 of 33
Sector (Manufacturing) 4 of 4
Type (Divestiture) 2 of 2
State (Indiana) 1 of 1
Country (United States) 30 of 32
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-23 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.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-07 Corporate Technologies

Minneapolis, Minnesota, United States

Corporate Technologies is a provider of managed IT solutions for businesses and institutions in Minnesota, North Dakota, Idaho, Southern California, West Michigan, and New Jersey. Corporate Technologies was founded in 1981 and is based in Minneapolis, Minnesota.

Buy -
Buyer

Northstar Capital

Minneapolis, Minnesota, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1993
PE ASSETS 1.7B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Northstar Capital is a mezzanine finance firm that provides junior capital to middle-market companies operating in the value-added distribution, light manufacturing, business services, financial services, education, and specialty healthcare sectors. Northstar's typical investment size is $5 to $30 million in businesses generating sales of $20 to $300 million with an EBITDA of at least $3 million. Prospective companies have stable cash flows and sustainable margins. Investments typically have maturities of five to eight years. Northstar does not invest in start-ups, real estate development, natural resource exploration, or high technology companies. Northstar Capital was formed in 1993 and is based in Minneapolis, Minnesota.

DEAL STATS #
Overall 109 of 109
Sector (Manufacturing) 15 of 15
Type (Divestiture) 3 of 3
State (Indiana) 4 of 4
Country (United States) 104 of 104
Year (2022) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-01 Integrated Cable Assembly Holdings

Nogales, Mexico

Integrated Cable Assembly Holdings is a manufacturer of wire harnesses, cable assemblies and electromechanical assemblies, offering turn-key manufacturing services through its U.S. and Mexican facilities to domestic and international customers. Integrated Cable Assembly Holdings is based in Nogales, Mexico.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-09-22 Avidity Science

Waterford, Wisconsin, United States

Avidity Science is a designer and manufacturer of automated watering and monitoring solutions for the animal and laboratory research markets. Avidity Science was established in 1969 and is based in Waterford, Wisconsin.

Sell $195M

Seller(S) 1

SELLER

Industrial Group Holdings

United States
Category Company
Founded 2014
Sector Manufacturing
DESCRIPTION

Industrial Group Holdings is a holding company that holds the following businesses Ehrhardt Tool & Machine, LLC, Haysite Reinforced Plastics, LLC, John Wood Company, LLC, Miether Bearing Products, LLC, Miller Chemical & Fertilizer, LLC, Modern Equipment Company, LLC, and Synthane-Taylor (Canada) Ltd. Industrial Group Holdings was founded in 2014 and is based in the United States.

DEAL STATS #
Overall 3 of 3
Sector (Manufacturing) 1 of 1
Type (Divestiture) 2 of 2
State (Indiana) 1 of 1
Country (United States) 3 of 3
Year (2022) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-07-31 Haysite Reinforced Plastics

Erie, Pennsylvania, United States

Haysite Reinforced Plastics LLC manufactures and processes thermoset composite materials for high-temperature insulation, corrosion resistance, and lightweight structural support applications. Haysite Reinforced Plastics was founded in 1854 and is based in Erie, Pennsylvania.

Sell -
Mergr

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