Tonka Bay Equity Partners Announces Acquisition Of All-Flex

Tonka Bay Equity Partners (“Tonka Bay”) today announced the closing of its acquisition of All-Flex, Inc. (“All-Flex”), a flexible circuit manufacturer based in Northfield, Minnesota.

All-Flex is a manufacturer of single, double, and multilayered flexible circuits for quick turn prototype and low-to-medium volume production needs. All-Flex serves the medical, military, instrumentation, aerospace, industrial, and telecommunications industries. As a result of its customers’ continuous drive to expand the technology in their own products, they require and receive innovative solutions from All-Flex. A large number of customers turn to All-Flex for its unique expertise and experience with an extensive list of alternative production materials and processes. (

Mike Smiggen, Principal of Tonka Bay and an All-Flex board member, said “We are excited to partner with the All-Flex management team. We are impressed with their knowledge of the flexible circuit business and the growth opportunities in the industry. We believe All-Flex has the potential to serve the marketplace in an exceptional manner and can continue to capture additional market share.”

“The acquisition by Tonka Bay offers our business additional resources for continued growth,” stated All-Flex President Greg Closser. “Tonka Bay’s experience and access to capital will also assist us in continuing to provide our customers with the unrivaled level of service they are accustomed to receiving.”

All Flex’s senior management team and St. Cloud, Minnesota based Granite Equity Partners co-invested in the transaction.

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

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