Tonka Bay Equity Partners Announces Acquisition Of AST Bearings
Minnetonka, Minn (December 3rd, 2007)
Tonka Bay Equity Partners ("Tonka Bay") today announced the acquisition of the AST Bearings division of Axsys Technologies, Inc. (NASDAQ:AXYS). Tonka Bay partnered with current management, including CEO Dale Kaminski, to acquire the company and to provide capital for growth. AST Bearings LLC (“AST”) is Tonka Bay’s seventh platform acquisition in their current investment fund and their fourth acquisition since September 30, 2007.
Based in Montville, New Jersey, AST is a leading supplier of high precision bearings and related products. The company represents some of the highest quality bearing manufacturers in the world. AST has developed a strong market position in miniature and instrument bearings by providing global sourcing and value-added services. AST’s website is (astbearings.com).
Cary Musech, Managing Principal of Tonka Bay and a member of the AST Board, said, "We are excited to partner with the strong and experienced management team at AST. As an independent company, AST will be able to invest in organic growth and pursue strategic acquisitions to achieve product line and geographic expansion.”
AST Board member and Tonka Bay Principal Steve Soderling added, “AST has strong, defensible niche in the bearings marketplace. They have a leading market position and are positioned for continued growth due to their deep relationships with customers and suppliers.”
Dale Kaminski, CEO of AST, stated, “Tonka Bay’s resources and industrial marketplace experience will be very useful as we pursue our strategic initiatives, including expanding our product line offering and making add-on acquisitions to complement our core business.”
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.