Tonka Bay Announces the Sale of The Resort Company
August 2nd, 2011
Minnetonka, MN - Tonka Bay Equity Partners ("Tonka Bay") announced the completion of a successful sale of substantially all of the assets of its portfolio company, The Resort Company LLC ("TRC"), a vacation rental and property management company based in Steamboat Springs, CO, to Wyndham Vacation Rentals, part of Wyndham Exchange & Rentals and the Wyndham Worldwide (NYSE: WYN) family of brands.
Tonka Bay led a recapitalization in September 2007 to provide capital for growth and liquidity for TRC and its president & CEO, Bob Milne. During Tonka Bay's partnership with Mr. Milne, TRC made several strategic acquisitions, expanded its geographic presence and increased the number of premium properties under management.
"Tonka Bay has been an exceptional partner to me and our management team," said Bob Milne, President & CEO of TRC. "Their strategic guidance, unwavering commitment to the strategic plan and board level involvement helped us refine our strategy and accelerate our market position in Colorado."
TRC's commitment to providing the highest level of service to its owners and renters fueled the company's growth over the past few years despite the recent turbulent economic environment. TRC dramatically increased their premium properties under management, while strengthening its management team and broadening its geographic reach in Colorado.
"Bob and his management team have done a terrific job and we are proud of their accomplishments," said Steve Soderling, principal of Tonka Bay. "We believe they are well-positioned to capitalize on the many compelling growth opportunities that exist with their enviable business and service model."
About The Resort Company
The Resort Company is a leader in vacation rental and property management. The company manages 28 resort condominium properties, approximately 1,000 rental units, and service over 50,000 guests annually in four world class Colorado destinations, Vail, Beaver Creek, Steamboat Springs, and Breckenridge. A commitment to service excellence is the mission of The Resort Company and it begins by providing a truly unforgettable and ever consistent experience for our owners and guests. For more information about The Resort Company, please visit the Company's website at www.theresortcompany.com.
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.