Tonka Bay Equity Partners Sells Four-Year-Old Stake in All Flex to Granite Equity Partners

Tonka Bay Equity Partners of Minnetonka, Minn., just sold its majority stake in the specialty circuits maker All Flex to Granite Equity Partners, a St. Cloud, Minn.-based private equity firm that already held a minority stake in All Flex, based in Northfield, Minn.


Tonka Bay Equity Partners (“Tonka Bay”) today announced the completion of a successful sale of a majority stake of its portfolio company, All Flex, a specialty manufacturer of flexible circuits based in Northfield, MN.

Tonka Bay led a management buyout in early 2007 to create liquidity for the founder. Following four
years of strong growth, in December 2010, Tonka Bay’s minority co-investor, Granite Equity Partners,
acquired All Flex. As part of the transaction, Tonka Bay retained securities and will remain on the board of

“Tonka Bay has been a great partner. Their practical support and collaborative style helped us develop our
strategy and build our team. We look forward to their board involvement in the future,” said Greg Closser,
CEO of All Flex.

The Company grew solidly over the past four years and added a CFO, as well as a new VP of Sales and
Marketing during that time. In addition, All Flex dramatically increased service levels and on-time
delivery, while streamlining operations through the implementation of LEAN manufacturing techniques.
“After four years of working alongside management and the board to help realize the strategic plan, we are
thrilled with the result of the sale. The management team has done a terrific job and we believe the
Company has a bright future,” said Peter Kooman, Managing Principal of Tonka Bay.

About All Flex

All Flex was founded in 1991 and has evolved to be a leading provider of specialty flex circuits and valueadd
assemblies. The products offered today include multi-layer, Maxi-Flex®, rigid flex, and heater
circuits. The Company’s flexible circuits can be found in many applications and markets including
medical, military, instrumentation, aerospace, industrial, and telecommunications. For more information
go to

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) 345-2034 or visit