Tonka Bay Announces Sale of Seaway Plastics Engineering
MINNETONKA, MN (June 28, 2022) — Tonka Bay Equity Partners has announced the sale of Seaway Plastics Engineering (“Seaway”) to Intermediate Capital Group, a global alternative asset manager. Based in Port Richey, Florida, Seaway is a manufacturer of engineered plastic components serving medical and high precision end markets.
Tonka Bay acquired Seaway in 2015 and realized significant growth in revenue and profitability by executing an organic growth and acquisition strategy. In December 2020 Seaway acquired Wright Engineered Plastics in Santa Rosa, California which expanded the company’s base of medical customers and geographic reach.
“The Company’s strong performance has been driven by investments in our team and our focus on the medical end-market,” said Seaway CEO, Tom Orr. “We have worked closely with Tonka Bay to position the company to serve our expanding customer base.”
Kam Kielhorn, a Tonka Bay Principal added, “Seaway is an excellent example of the Tonka Bay playbook which focuses on leadership, strategy and execution. The company is well positioned for accelerated growth.”
About Seaway Plastics Engineering
Florida-based Seaway is a market leader in comprehensive solutions for complex injection molding projects. Seaway serves OEMs and contract manufacturers in the medical, aerospace, defense, and precision industrial markets. For more information, visit www.seawayplastics.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.