Tonka Bay Equity Partners Acquires Freshpack Produce

August 16th, 2010

Minnetonka, Minn. (August 16, 2010) - Tonka Bay Equity Partners ("Tonka Bay") today announced the acquisition of Freshpack Produce LLC ("Freshpack").  Freshpack is Tonka Bay's tenth platform company in their current investment fund.  Silver Peak Partners, Denver, CO, co-invested with Tonka Bay in this transaction.

Founded in 2000, Freshpack is a distributor and value added repackager of fresh fruits and vegetables serving retail stores, food service organizations, and wholesale customers.  The Company is based in Denver, Colorado and services the Colorado Front Range as well as areas reaching south to Albuquerque, New Mexico, north to Wyoming, and west to Grand Junction, Colorado and into Utah.

Steve Soderling, Principal of Tonka Bay and a member of the Freshpack Board, said, "We are excited to add Freshpack to the Tonka Bay portfolio of investments focused on distribution.  Freshpack has demonstrated strong organic growth and profitability, and has developed a strong relationship with customers and vendors."

Bryan Hursh, Freshpack Board member and Partner at Silver Peak added, "Freshpack is an excellent fit within our agribusiness theme area and we are excited about the company's growth prospects, which include market share growth, geographic expansion, and expanding our product offerings and value-added services." 

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.