Tonka Bay Equity Partners announces the acquisition of Aero Systems Engineering, Inc.
Minnetonka, Minn. (January 4th, 2006)
Tonka Bay Equity Partners ("Tonka Bay") today announced the completion of the acquisition of St. Paul-based Aero Systems Engineering, Inc. (“ASE”), a world wide leader in wind tunnel and jet engine testing facilities. ASE marks the first portfolio company for Tonka Bay since closing its second fund in October 2005.
Headquartered in St. Paul, Minnesota, ASE is a globally recognized leader in providing solutions to customer problems requiring turbine engine test facilities, wind tunnels and aerodynamic testing services. Since its inception in the 1967, ASE has amassed a long track record of innovative design and successful project completions all over the world. Several highlights include: designed and constructed over 28 turnkey test facilities, delivered over 140 control and instrumentation systems and 450 engine adapters in over 65 countries around the world.
Peter Kooman, Tonka Bay Managing Principal and ASE board member, states, "We are excited to partner with the management team of ASE. Their leadership position in the global wind tunnel and jet engine testing markets is unmatched in the commercial aerospace industry. We believe that ASE is well-positioned to capture a significant share of the overall resurgence in the commercial aerospace industry and the perpetual development of new, more efficient aerodynamic air frames,” ended Kooman.
"We are excited about partnering with Tonka Bay," stated ASE President and CEO Chuck Loux. "We believe Tonka Bay’s industry knowledge and access to capital will assist us in continuing to provide our customers with the unrivaled level of service they are accustomed to receiving.”
ABOUT Aero Systems Engineering
ASE is a globally recognized leader in providing solutions to customer problems requiring turbine engine test equipment and facilities, wind tunnels and aerodynamic testing services. ASE is a highly skilled and experienced engineering company which designs and supplies aerospace test facilities. ASE is a leader in design and construction of engine test cells and wind tunnels for testing aerospace vehicles and propulsion systems. ASE is ISO 9001 certified. For more information, please visit aerosysengr.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.