Tonka Bay Invests in P.T. International
MINNETONKA, Minn. -Tonka Bay Equity Partners LLC (“Tonka Bay”) announced an investment in P.T. International Corporation (“PTI”). Tonka Bay partnered with current management, including President Thomas Haffner, in this recapitalization transaction. PTI is Tonka Bay’s second investment in its recently formed third fund, with $150 million in available capital.
Based in Charlotte, NC, PTI is a supplier of branded European and American standard (metric & inch) industrial power transmission products. Founded in 1994, PTI has developed a diverse customer mix that includes the leading industrial and power transmission distributors as well as original equipment manufacturers (“OEMs”) in a wide variety of end markets.
Molly Simmons, Principal of Tonka Bay and a member of the PTI Board stated “We are excited about the opportunity to invest in PTI and partner with the company’s management team. The deep relationships that PTI has developed with their customers and suppliers position the company to maintain and grow its leading market position.”
Thomas Haffner, a co-founder and member of the PTI Board, added, “Tonka Bay’s resources along with their familiarity with industrial distribution, our products and end markets were compelling attributes that helped distinguish Tonka Bay. I’m convinced they will be able an invaluable partner going forward.”
PTI offers a wide range of European Metric and American Standard industrial power transmission products. Whether in search of replacement parts for equipment built in Europe, or designing equipment that will export to a metric end use market, or just in search of standard inch (imperial) products, PTI stocks a complete range of mounted bearing and drive related products. For more information about PTI, please visit the Company’s website at www.ptintl.com.
About Tonka Bay Equity Partners
Based in Minnetonka, MN, Tonka Bay Equity Partners is a private equity firm that acquires and invests in lower middle market businesses in the highly-engineered manufacturing, business services and value-added distribution sectors. For more information, call (952) 345-2030 or visit tonkabayequity.com.
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