FOR IMMEDIATE RELEASE For more information contact: Steve Soderling, Principal (952)345-2031 or [email protected]
Tonka Bay Equity Partners Announces Acquisition of AST Bearings
Minnetonka, Minnesota. (December 3, 2007) - Tonka Bay Equity Partners ("Tonka Bay") today announced the acquisition of the AST Bearings division of Axsys Technologies, Inc. (NASDAQ:AXYS). AST Bearings LLC ("AST") is Tonka Bay's seventh platform acquisition in their current investment fund and their fourth acquisition since September 30, 2007.
Based in Montville, New Jersey, AST is a leading supplier of high precision bearings and related products. The company represents some of the highest quality bearing manufacturers in the world. AST has developed a strong market position in miniature and instrument bearings by providing global sourcing and value-added services. AST's website is www.ASTBearings.com.
Cary Musech, Managing Principal of Tonka Bay and a member of the AST Board, said, "We are excited to partner with the strong and experienced management team at AST. As an independent company, AST will be able to invest in organic growth and pursue strategic acquisitions to achieve product line and geographic expansion."
AST Board member and Tonka Bay Principal Steve Soderling added, "AST has strong, defensible niche in the bearings marketplace. They have a leading market position and are positioned for continued growth due to their deep relationships with customers and suppliers."
Dale Kaminski, CEO of AST, stated, "Tonka Bay's resources and industrial marketplace experience will be very useful as we pursue our strategic initiatives, including expanding our product line offering and making add-on acquisitions to complement our core business."
About Tonka Bay Equity Partners
Located in Minnetonka, Minnesota, Tonka Bay Equity Partners acquires and invests in small and medium sized companies in the manufacturing, distribution and business services sectors. Tonka Bay manages two private equity funds with combined capital of $200 million. Its limited partners include major financial institutions and high net worth individuals. For more information, call (952) 345-2031 or visit tonkabayequity.com.