Tonka Bay Announces Sale of P.T. International
Tonka Bay Equity Partners has completed the sale of P.T. International Corporation (“PTI”) to Incline Equity Partners, a Pittsburgh, PA private equity firm. Based in Charlotte, North Carolina, PTI is a leading supplier of mechanical power transmission products and replacement components across North America.
Tonka Bay partnered with the founder of PTI in 2012. The investment in PTI was an opportunity for Tonka Bay to leverage past experiences in the industrial distribution sector, including AST Bearings, Checkers Safety Group and Quick Cable. During Tonka Bay’s ownership, PTI recruited and built out the management team, added nine sales, marketing and engineering resources and made a significant add-on acquisition in the form of LMS Bearings, a Colorado-based supplier of commercial bearings.
“PTI is a great business” said Steve Soderling, Partner of Tonka Bay. “Led by a dynamic management team and a board with deep industry expertise, PTI was able to invest in people, new product development and technology, which accelerated its growth. PTI proved to be a very successful partnership for Tonka Bay and, with its talented management team in place, is poised for continued success.”
“Tonka Bay has been a great partner for our business” said Darin Davenport, CEO of PTI. “Since I joined PTI in 2013, Tonka Bay has been a strong supporter of our team and made the investments to help us build a bigger, better business. They provided the guidance, resources and expertise to help accelerate our growth and position PTI for a bright future.”
About P.T. International
PTI is a supplier of metric and imperial power transmission products. PTI provides mounted ball and roller bearing units, roller chains, gears, sprockets and other products to original equipment manufacturers and large national distributors for use across diverse end-markets. For more information, visit www.ptintl.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.