Tonka Bay Equity Announces Circuit Check Dividend Recap

Minnesota private equity firm Tonka Bay Equity Partners completed a dividend recapitalization of its portfolio company, Circuit Check Holdings, which provides test solutions for printed circuit board assemblies. Specifics on the transaction were not publicized, but Tonka Bay and other Circuit Check shareholders get a cut and the rest will be used to fund growth.


Minnetonka, MN (June 1, 2011) – Tonka Bay Equity Partners (ʺTonka Bayʺ) today
announced the completion of a dividend recapitalization of its portfolio company,
Circuit Check Holdings, Inc. (“CCI”), a provider of test solutions for printed circuit
board assemblies based in Maple Grove, Minnesota. The proceeds from the
recapitalization provided a distribution for shareholders and funding for future growth.
M&I Bank provided financing for the transaction.
Tonka Bay, in partnership with management, acquired CCI in January 2007. Peter
Kooman, Managing Principal of Tonka Bay and a CCI board member, said “Over the
past four years, the CCI team led by Greg Michalko has executed on our investment
strategy that focused on distinguishing the company as the clear innovation leader in
supplying electrical test systems and fixtures to the electronics industry. We are proud
of our close partnership with this highly successful management team, which continues
to deliver strong operating and financial performance.ʺ
“I continue to be excited about the management team and the company’s prospects,”
stated CCI CEO Greg Michalko. “Our experience and resources put us in a position to
provide our customers with the innovative solutions they need.”
About Circuit Check Holdings, Inc.
Circuit Check is one of the largest hardware and software solutions providers in the
electronic test industry. CCI has been in business since 1979, based out of Maple Grove,
Minnesota, with strategic support centers worldwide. The ability to design, build and
deploy test fixtures and complete test solutions on multiple platforms thru out the world
make CCI the preferred supplier to many OEMʹs and CMʹs in the electronics industry.
For more information visit
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) 345‐2022 or visit