- David Zimmer serves as president of Standard Locknut
- Tonka Bay invests in the manufacturing, business services and value-added distribution sectors
- Minneapolis-based Northstar backs the lower middle market
Tonka Bay Equity Partners has acquired Indianapolis-based Standard Locknut, a maker of heavy-duty bearing accessories and components used across diverse end markets. No financial terms were disclosed.
Standard Locknut is backed by Northstar Capital.
Northstar co-invested in Standard Locknut with Tonka Bay, according to a source familiar with the transaction. Northstar provided debt and an equity co-investment to help Tonka Bay finance the transaction.
Kam Kielhorn, a principal at Tonka Bay, said in a statement, “We look forward to partnering with a very talented management team at SLN that has created a strong foundation for future growth. The company has an incredible reputation in the market after delivering high quality products and service for decades.”
David Zimmer serves as president of Standard Locknut.
Based in Minnetonka, Minnesota, Tonka Bay invests in the manufacturing, business services and value-added distribution sectors.
Minneapolis-based Northstar invests in the lower middle market.