Tonka Bay Announces the Sale of ASE
MINNETONKA, Minn. (October 28, 2014) —Tonka Bay Equity Partners LLC (“Tonka Bay”) announced the sale of AeroSystems Engineering to Gen Cap America, Inc. a Nashville-based private investment firm. Based in St. Paul, Minnesota, AeroSystems is a leading global provider of testing and engineering services to the aerospace and energy markets.
Tonka Bay partnered with management to purchase AeroSystems in 2006. Since that time, this partnership has had tremendous success by developing a key account strategy to increase its customer base, recruiting an outstanding board of directors, and providing world class engineering to new end markets such as energy and military, which has enabled the company to become a global supplier of aerospace solutions.
“Given AeroSystems’ reputation and technical expertise, we saw a very attractive opportunity to take advantage of the growth and changes in the aerospace industry,” said Peter Kooman, a Managing Principal at Tonka Bay and AeroSystems’ Chairman of the Board. “It has been a pleasure working with the AeroSystems team. I have no doubt that the foundation they have built is equipped to handle the anticipated growth for years to come.”
“I’ve enjoyed our partnership with Tonka Bay. Not only have they proven to be a patient and supportive capital partner but also a great sounding board which allowed me to more effectively lead the business,” added Tom Moll, CEO of AeroSystems. “Through the partnership with Tonka Bay and the dedication of my team, we are well positioned to capitalize on the global market opportunity within our aerospace and energy end markets.”
Based in St. Paul, Minnesota, AeroSystems is a leading global provider of testing and engineering services to the aerospace and energy markets. Through its unique engineering capabilities, AeroSystems continues to be a leader in mission critical testing for aerospace providers. AeroSystems’ website is www.aseholdings.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.