Tonka Bay Announces Sale of Orange Tree
MINNETONKA, MN (June 4, 2024) — Tonka Bay Equity Partners LLC (“Tonka Bay”) has announced the sale of Orange Tree Employment Screening LLC (“Orange Tree”) to Accurate Background, LLC (“Accurate”). Based in Minneapolis, Minnesota, Orange Tree provides technology-enabled employee background screening services to the middle market. Accurate is the largest privately held global provider of background checks, drug and health screening, and workforce monitoring solutions.
Tonka Bay partnered with Orange Tree and its CEO, Renee Ernste, in 2021. During Tonka Bay’s ownership, Orange Tree built out a strong leadership team, expanded its service offering, completed three add-on acquisitions, and increased revenue and EBITDA more than 3x.
“Orange Tree was a great investment and partnership for Tonka Bay,” said Shane Slominski, Partner at Tonka Bay. “Over the last three years, with Renee’s leadership, the company established itself as an industry leader by building a great team and platform well positioned for growth in the future.”
“I’ve enjoyed our partnership with Tonka Bay,” Renee Ernste added. “They’ve been great capital and strategic business partners, and have enabled the management team to execute our strategy to build a strong foundation for the business, invest in our technology platform, and pursue an exciting acquisition strategy.”
About Orange Tree Employment Screening
Orange Tree provides technology-enabled background screening, drug testing, and occupational health services. Enabled by its proprietary technology platform, Orange Tree’s services and solutions help companies focus on their business while empowering them to fill their open positions. Learn more at orangetreescreening.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.