Tonka Bay Equity Partners announces the sale of Penn-Wheeling
Minnetonka, Minn. (March 27th, 2006)
Tonka Bay Equity Partners LLC ("Tonka Bay") announces the sale of its portfolio company, Penn-Wheeling Closure ("PWC"), to an affiliate of Tecnocap S.p.A.
Tonka Bay, through an affiliate, acquired Penn-Wheeling Closure from US Can Corporation in March 2000. During Tonka Bay's ownership, PWC acquired Ferdinand Gutmann & Co. in 2001 and a business unit of White Cap LLC in 2002. Co-investors with Tonka Bay in PWC included Prism Capital and two funds managed by InvestAmerica Investment Advisors, MorAmerica Capital Corporation and the North Dakota Small Business Company.
Peter Kooman, Managing Principal of Tonka Bay, said "We are pleased with the results of our investment in Penn Wheeling. The management team has produced outstanding results to achieve an excellent return on investment for the company's shareholders."
About Penn-Wheeling Closure
Based in Glen Dale, West Virginia, Penn-Wheeling Closure is a manufacturer of metal caps and closures for a wide variety of end markets including cosmetics, pharmaceuticals, and specialty foods. For more information visit penn-wheeling.com.
About Tecnocap S.p.A.
Based in Cava de' Tirreni, Italy, Tecnocap produces metal closures for glass and plastic containers. For more information visit tecnocapclosures.it.
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.