Tonka Bay exits investment in Coast Composites
Minnetonka, Minn. (December 19th, 2005)
Tonka Bay Equity Partners LLC (“Tonka Bay”) announces the exit of its investment in Coast Composites, Inc. (“Coast”), through the sale of the Company to Hampson Industries PLC.
Tonka Bay participated in the acquisition of Coast from Graftech International in June 2003. Based in Irvine, CA, Coast (coastcomposites.com) is the leading designer and manufacturer of large, tight-tolerance tooling systems for the defense, commercial aerospace, and satellite communications markets. The advanced tooling systems produced by Coast are used in the fabrication of composite parts and sub-assemblies for the largest, most dynamic military and commercial programs in the world. Coast’s significant investment in state-of-the-art process automation and technology has provided the Company with industry-leading design, quality control and inspection system capabilities.
Mike Smiggen, Principal of Tonka Bay, said “We are pleased with the results of our investment in Coast Composites. The management team has produced outstanding results to achieve an excellent return on investment for the company’s shareholders."
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.