Tonka Bay exits investment in Health Fitness Corporation
Tonka Bay Equity Partners LLC (“Tonka Bay”) announces the exit of its investment in Health Fitness Corporation (“HFC”). HFC recently completed a $10.2 million private placement of equity securities with institutional investors through a PIPE transaction. A portion of the proceeds were used to redeem Tonka Bay’s investment, including Series A Convertible Preferred Stock and warrants to purchase Common Stock.
Tonka Bay invested in HFC in August 2003 in connection with the Company’s acquisition of the Health and Fitness Services Division of Johnson & Johnson. HFC (hfit.com) is a leading provider of results-oriented health improvement management services to corporations, hospitals, universities , and communities. Serving clients since 1975, the Company provides fitness and health improvement services at more than 400 sites across the U.S. and Canada.
Cary Musech, Managing Principal of Tonka Bay, said “The acquisition of the Johnson & Johnson unit was very successful and we are pleased with the results of our investment in Health Fitness Corporation. I’ve enjoyed serving on the Board of Directors of HFC during this exciting period in the Company’s history.”
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 tonkabayequity.com.
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