Tonka Bay Equity Partners has acquired electrical storage business Quick Cable Corporation. Tonka Bay teamed up with current management, including newly appointed president Robert Hoganson, to acquire the company from John Shannon, who will retain an ownership interest and will serve as business development advisor. Quick Cable is Tonka Bay’s first platform company in its recently formed third fund, with $150 million in available capital.
Tonka Bay Equity Partners LLC (“Tonka Bay”) announced the acquisition of Quick Cable Corporation (“Quick Cable”), a leader in the electrical storage industry. Tonka Bay joined with current management, including newly appointed President Robert Hoganson, to acquire the company from John Shannon, who will retain an ownership interest in the company and will serve as Business Development Advisor. Quick Cable is Tonka Bay’s first platform company in its recently formed third fund, with $150 million in available capital.
Quick Cable is the leading manufacturer of connectors, cable, cable assemblies, and tools for the energy storage industry. For over 40 years, Quick Cable has demonstrated industry leadership in developing new products. Quick Cable components, assemblies, and systems are used wherever high performance and reliability are critical, in power generation, renewable energy, transportation, farm, construction, logistics, and aviation. Quick Cable employs 130 people in the U.S. and Canada.
Shane Slominski, Principal of Tonka Bay and a member of the Quick Cable Board stated “We are delighted to partner with the Quick Cable management team. Their established business strategy of providing new product offerings to diverse end markets positions them well for continued growth and profitability.”
“To continue to reach our sales, profitability and growth targets, we looked for a company to help with the strategy and capital to make that happen,” said Robert Hoganson, formerly the company’s Chief Operating Officer and now, newly-appointed President. “Tonka Bay was the right company and we feel it is a perfect fit.”
About Tonka Bay Equity Partners
Based in Minnetonka, MN, 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.
About Quick Cable
Quick Cable is the leading manufacturer of connectors, cable, cable assemblies, and tools for the energy storage industry. It is a DC (Direct Current) specialist. Quick Cable battery enclosures, racks and containment systems, together with related battery maintenance and safety products, assure the safe and optimal use of energy storage. Quick Cable is headquartered in Franksville, Wisconsin, with manufacturing plants in Franksville and Mississauga (Toronto), Ontario.