Tonka Bay Acquires Corwil Technology Corporation
MINNETONKA, Minn. (April 8, 2013) —Tonka Bay Equity Partners LLC (“Tonka Bay”) announced the acquisition of CORWIL Technology Corporation (“CORWIL”). Tonka Bay partnered with Investor/CEO and industry veteran Matt Bergeron and co-founders Rob Corrao and Finn Wilhelmsen in this transaction. Mr. Bergeron has been appointed President and a member of the board of directors of CORWIL. The acquisition of CORWIL is Tonka Bay’s fifth platform company investment in Fund III which closed in November 2011 with $150 million in available capital.
CORWIL is based in Milpitas, California, and is a leading provider of assembly and test services for integrated circuits. Founded in 1990, CORWIL has developed into a strategic manufacturing partner to its customers in high reliability market segments including medical devices and military/aerospace.
Rob Corrao, co-founder and member of the CORWIL Board, stated, “I’m excited for the next phase of CORWIL’s profitable growth. Tonka Bay is the right partner to help develop and execute our strategy to take CORWIL forward as we continue strengthening our quality, service offering and engineering capabilities.”
Molly Simmons, Principal of Tonka Bay and a CORWIL Board member added “We are thrilled with the opportunity to invest in CORWIL and to partner with Matt Bergeron and the company’s management team. CORWIL has a strong defensible niche in the on-shore assembly and test marketplace, with unique capabilities and deep customer relationships.”
About CORWIL
CORWIL provides high quality integrated circuit assembly and test services to the medical, military and aerospace, OEM electronics and semiconductor industries. CORWIL is the premier provider of wafer thinning and dicing, optical inspection, full assembly and testing of integrated circuits and complex modules. For more information about CORWIL, please visit www.corwil.com.
About Tonka Bay Equity Partners
Based in Minnetonka, Minnesota, Tonka Bay has been Building Bigger, Better Businesses® for over 25 years. Tonka Bay Equity Partners is a private equity firm that acquires and invests in growth-oriented businesses in the highly engineered manufacturing, business services and value-added distribution sectors. For more information, call (952) 345-2030 or visit tonkabayequity.com.