Tonka Bay Equity Partners Announces Aero System Engineering, Inc.'s Acquisition of Celtech Corporation
Minnetonka, Minn (October 31st, 2007)
Tonka Bay Equity Partners ("Tonka Bay") today announced that its portfolio company, Aero Systems Engineering, Inc. (“ASE”) has acquired Celtech Corporation (“Celtech”). Celtech is ASE’s first add-on acquisition since being acquired by Tonka Bay. Tonka Bay has six platform investments in their second investment fund.
Based in Carlsbad, New Mexico, Celtech builds, refurbishes, and upgrades mobile jet turbine and turbo prop test stands primarily for military customers. Celtech’s mission is to provide the U.S. military with quality reliable products that enable them to achieve their tactical mission. The company meets this objective by applying its technical expertise to upgrade and improve equipment in the ground support field.
Peter Kooman, Managing Principal of Tonka Bay and chairman of ASE’s board said, "The acquisition of Celtech provides ASE with access to the military customer base that ASE does not currently have. Celtech, under the leadership of its President and Founder Bill Fangio, has developed an excellent reputation since its inception nearly 30 years ago and ASE intends to build upon this strong foundation.”
Chuck Loux, CEO of ASE, stated, “The addition of Celtech’s expertise and product offering will allow ASE to further penetrate the aerospace testing market. Celtech’s relationships and track record in the military segment also help diversify our revenue base.”
Mike Smiggen, Principal of Tonka Bay and an ASE board member, added, “We at Tonka Bay and our management team at ASE are very excited about the additional growth opportunities presented by the Celtech acquisition. We are anxious to take advantage of the strategic opportunities offered by this acquisition.”
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.