Minnesota private equity firm Tonka Bay Equity Partners has acquired Seaway Plastics Engineering Inc. for an undisclosed amount.
Port Richey, Florida-based Seaway makes injection-molded components. Tonka Bay made a majority investment in Seaway, and the company's management team will stay in place, according to Michael Rockhold, a manager with Douglas Group, which acted as Seaway's financial adviser on the deal.
Tonka Bay, headquartered in Minnetonka, Minnesota, focuses on investing in manufacturing businesses that have more than $2 million in cash flow. The firm's portfolio companies include AccuMole Circuit Check and Q Management Services.
There have been a few deals for parts-manufacturing businesses recently. On March 10, Alcoa Inc. announced a deal for RTI International Metals, which makes parts for the aerospace sector. Before that, in January, MW Industries acquired Maudlin & Son Manufacturing, which makes products for the industrial sector.