Formation of Tonka Bay Equity Partners' Fourth Fund

Winston & Strawn LLP represented Tonka Bay Equity Partners in the closing of its fourth fund, a US$200M investment fund. Based in Minnetonka, Minnesota, Tonka Bay is a private equity firm that acquires and invests in lower middle-market businesses in three broad sectors – highly engineered manufacturing, value-added distribution, and business services. Tonka Bay focuses on private companies with revenues generally between US$20 and US$50M and EBITDA between US$2 and US$8M. Tonka Bay has raised over US$550M of capital since 1998, invested in 37 partner companies, and completed more than 70 add-on acquisitions.