Tonka Bay Equity Partners Announces Acquisition Of The Resort Company
Minnetonka, Minn (October 10th, 2007)
Tonka Bay Equity Partners ("Tonka Bay") today announced the acquisition of The Resort Company LLC (“TRC”). Tonka Bay joined with current management, including CEO Bob Milne, to acquire the company and to provide capital for growth. TRC is Tonka Bay’s sixth platform acquisition in their second investment fund.
Based in Steamboat Springs, Colorado, TRC is a condominium management company that manages prestige properties in Steamboat Springs, Vail and Beaver Creek, Colorado. TRC has earned the reputation as “Managers of Distinctive Condominium Properties” as a result of its philosophy of personal involvement with its associations and homeowners. The Company currently manages twenty-one properties in Steamboat Springs and three in the Vail Valley. The Company’s website can be found at (theresortcompany.com).
Peter Kooman, Managing Principal of Tonka Bay and a board member, said, "We are happy to partner with Bob Milne and the strong management team of The Resort Company. TRC has demonstrated a long history of providing its owners and renters the highest level of service and has consistently delivered strong financial performance.”
Bob Milne, CEO of TRC, stated, “We are please to have Tonka Bay as a partner. Tonka Bay’s resources will be invaluable in executing our strategic growth initiatives, which include managing additional properties in current markets and strategic acquisitions in new markets.”
Steve Soderling, Principal of Tonka Bay and a board member, added, “TRC has more than 25 years of experience managing properties in Colorado’s premier ski-resort communities. Their leading market share in Steamboat positions the company extremely well to capitalize on the anticipated investment in this premier resort community.”
About Tonka Bay Equity Partners
Based in Minnetonka, MN, Tonka Bay Equity Partners is a private equity firm that acquires and invests in lower middle market businesses in the highly-engineered manufacturing, business services and value-added distribution sectors. For more information, call (952) 345-2035 or visit www.tonkabayequity.com.