Tonka Bay Recaps All-Flex AVT Holdings

Tonka Bay Equity Partners has completed a dividend recapitalization of portfolio company All-Flex AVT Holdings LLC, a Northfield, Minn.-based flexible circuit manufacturer. No financial terms were disclosed, except that M&I Marshall & Ilsley provided capital. 


Tonka Bay Equity Partners (“Tonka Bay“) announces the completion of a dividend recapitalization of its portfolio company, All-Flex AVT Holdings, LLC (“All-Flex”), a flexible circuit manufacturer based in Northfield, Minnesota.  The proceeds from the recapitalization provided a distribution for shareholders and funding for future growth.  M&I Marshall & Ilsley Bank provided financing for the transaction. 


Tonka Bay, in partnership with management, acquired All Flex in January 2007.  Since that time, All Flex’s management team has led the company to exceptional growth in revenue and profitability. 


Mike Smiggen, Principal of Tonka Bay and an All Flex board member, said “All Flex has performed well above our original expectations since we acquired the business less than two years ago.  Management and the Board of Directors sought creative ways to grow and improve the business and succeeded in doing so.  The performance is particularly pleasing in light of the general economic conditions at this time.”


“I am proud of the management team that has guided the company’s success these past two years,” stated All Flex President Greg Closser.  “We are well positioned in the military, aerospace, medical, and industrial markets, and we expect that we will continue to profitably grow the business.”


About All Flex AVT Holdings, LLC

All-Flex is a manufacturer of single, double, and multilayered flexible circuits for quick turn prototype and low-to-medium volume production needs.  All-Flex serves the medical, military, instrumentation, aerospace, industrial, and telecommunications industries.  As a result of its customers’ continuous drive to expand the technology in their own products, they require and receive innovative solutions from All-Flex.  Customers turn to All-Flex for its unique expertise and experience with an extensive list of alternative production materials and processes.  For more information visit


About Tonka Bay Equity Partners

Located in Minnetonka, Minnesota, Tonka Bay Equity Partners acquires and invests in small and medium sized companies in the manufacturing and business services sectors.  Tonka Bay manages two private equity funds with combined capital of $200 million.  Its limited partners include major financial institutions and high net worth individuals. The funds are licensed as Small Business Investment Companies (SBICs).  For more information, call (952) 345-2027 or visit