Private Equity Firm Business Services

Tonka Bay Equity Partners

Minnetonka, Minnesota, United States

Lower middle-market private equity firm based in Minnetonka, Minnesota. Invests in highly engineered manufacturing, business services, and value-added distribution through buyouts, recapitalizations, and growth and acquisitions.

Focus Areas
Lower middle-market private equity, Highly engineered manufacturing, Business services

Tracked deals

19

19 tracked deals across 2020-2026.

Recent pace

4

4 tracked deals announced in the last 12 months.

Deal mix

Addon

11 addon · 4 growth capital · 3 buyout

Tonka Bay Equity Partners Acquisition Volume by Year

Last 7 years

Acquisition volume by year Annual acquisition counts for the last 7 years for Tonka Bay Equity Partners. 2 2020 4 2021 3 2022 1 2023 4 2024 3 2025 ~3 est. 2 2026
Actual Full-year estimate

Supporting Data

Recent Transactions

Showing the 12 most recent of 19 tracked deals for Tonka Bay Equity Partners.

  • Corporate Technologies Acquires RPM Technologies to Expand Life Sciences Expertise and National Reach
    April 28, 2026
    Buyer
    Corporate Technologies, LLC, Tonka Bay Equity Partners, Northstar Capital
    Target
    RPM Technologies, LLC
    Industry
    IT Services
    Location
    Minnesota, United States
    Type
    Addon

    Corporate Technologies, a national managed IT services and cybersecurity provider for small and mid-sized businesses, acquired RPM Technologies, LLC. The deal expands Corporate Technologies' footprint to 21 markets nationwide and strengthens its ability to support organizations in highly regulated, compliance-driven environments, particularly Life Sciences.

  • Tonka Bay Equity Partners Invests in CAMP Digital
    February 26, 2026
    Buyer
    Tonka Bay Equity Partners LLC
    Target
    CAMP Digital
    Industry
    Marketing & Advertising
    Location
    Minnesota, United States
    Type
    Growth capital

    Tonka Bay Equity Partners LLC made a strategic investment in CAMP Digital, a tech-enabled marketing platform for the home services industry. The funding is intended to fuel CAMP’s next phase of aggressive expansion while maintaining founder-led operational continuity.

  • Professional Credit Service Acquires VARO and BYL Services
    October 7, 2025
    Buyer
    Professional Credit Service, Tonka Bay Equity Partners
    Target
    Virtual Accounts Receivable Outsourcing, LLC (VARO), BYL Services
    Industry
    Healthcare Services
    Location
    Pennsylvania, United States
    Type
    Addon

    Professional Credit Service (a Tonka Bay partner company) acquired Virtual Accounts Receivable Outsourcing, LLC (VARO) and BYL Services, both based in West Chester, Pennsylvania, to strengthen its national footprint and tech-enabled receivables and revenue cycle management capabilities. The deal expands Professional's east‑coast presence and adds patient-pay revenue cycle, collections and BPO capabilities; Professional is majority owned by Tonka Bay Equity Partners.

  • Corporate Technologies Acquires Cenetric
    August 18, 2025
    Buyer
    Corporate Technologies, LLC, Tonka Bay Equity Partners
    Target
    Cenetric (Cenetric Network Services)
    Industry
    IT Services
    Location
    Kansas, United States
    Type
    Addon

    Corporate Technologies, a Tonka Bay Equity Partners-backed national managed IT services provider, has acquired Cenetric, a Kansas City-based managed services provider (MSP) serving small and mid-sized businesses. The deal expands Corporate Technologies' footprint to 18 U.S. markets and is its third acquisition since partnering with Tonka Bay in 2023.

  • Tonka Bay Equity Partners Invests in LightMart
    January 7, 2025
    Buyer
    Tonka Bay Equity Partners LLC
    Target
    LightMart Holdings LLC
    Seller
    Sami Ozgen, Lori Ozgen
    Industry
    Building Products
    Location
    Illinois, United States
    Type
    Recapitalization

    Tonka Bay Equity Partners has invested in LightMart Holdings LLC, a Lake Zurich, Illinois-based value-added distributor and manufacturer of outdoor commercial and industrial lighting products. The transaction is a majority recapitalization that partners Tonka Bay with founders Sami and Lori Ozgen to provide founder liquidity and accelerate the company’s growth through strategic investments and operational improvements.

  • Corporate Technologies Acquires RSPN
    October 16, 2024
    Buyer
    Corporate Technologies, Tonka Bay Equity Partners
    Target
    RSPN
    Seller
    Mark Stewart, Mike Place
    Industry
    IT Services
    Location
    Iowa, United States
    Type
    Addon

    Corporate Technologies, a Tonka Bay Equity Partners portfolio company, has acquired RSPN, an MSP based in Cedar Falls, Iowa. The deal expands Corporate Technologies' national footprint to 17 markets and is the firm's second acquisition since partnering with Tonka Bay in 2023.

  • Tonka Bay Equity Partners Invests in Image Audiovisuals
    April 2, 2024
    Buyer
    Tonka Bay Equity Partners LLC
    Target
    Image Audiovisuals (Image AV)
    Seller
    Dave Mueller, Diana Mueller
    Industry
    Media & Entertainment
    Location
    Colorado, United States
    Type
    Growth capital

    Tonka Bay Equity Partners has made a minority growth investment in Image Audiovisuals (Image AV), partnering with founders Dave and Diana Mueller to accelerate a national expansion plan. Image AV, headquartered in Denver, provides event production and audiovisual equipment rental services for live, virtual, and hybrid events across corporate, association, institutional and government customers.

  • Professional Credit Acquires "Project Heat" Healthcare Assets from CCMR3
    February 14, 2024
    Buyer
    Professional Credit, Tonka Bay Equity Partners
    Target
    Project Heat (healthcare assets of CCMR3)
    Seller
    CCMR3
    Industry
    Healthcare Services
    Location
    New York, United States
    Type
    Addon

    Professional Credit, a Tonka Bay Equity Partners portfolio company, has closed on "Project Heat," a group of healthcare assets purchased from New York–based CCMR3. The deal is Professional Credit's first add-on acquisition and expands the company's footprint into New York, Iowa, Arizona and nine additional states.

  • Corporate Technologies Acquires NuMSP
    January 30, 2024
    Buyer
    Corporate Technologies, Tonka Bay Equity Partners
    Target
    NuMSP
    Industry
    IT Services
    Location
    New Jersey, United States
    Type
    Addon

    Corporate Technologies, a national managed service provider based in Eden Prairie, Minnesota, has acquired NuMSP, an MSP serving small and mid-sized businesses, expanding Corporate Technologies' national footprint to 16 markets across eleven states. The deal, facilitated by IT ExchangeNet, enhances service capabilities (including 24x7 NOC and SOC) for NuMSP clients and is Corporate Technologies' first acquisition since being acquired by Tonka Bay Equity Partners in July 2023.

  • Tonka Bay Equity Partners Acquires Corporate Technologies
    July 19, 2023
    Buyer
    Tonka Bay Equity Partners LLC, Northstar Capital, Jim Griffith
    Target
    Corporate Technologies LLC
    Seller
    North Central Equity LLC
    Industry
    IT Services
    Location
    Minnesota, United States
    Type
    Buyout

    Tonka Bay Equity Partners led a majority buyout of Corporate Technologies, a Minneapolis-based managed IT services provider, partnering with CEO Jim Griffith and junior capital provider Northstar Capital. The seller was North Central Equity; Northstar provided debt and an equity co-investment to support the transaction as Corporate Technologies becomes a platform for add-on growth across multiple U.S. markets.

  • Tonka Bay Equity Partners Acquires Standard Locknut
    November 30, 2022
    Buyer
    Tonka Bay Equity Partners, Northstar Capital
    Target
    Standard Locknut, LLC
    Seller
    Dunes Point Capital, LP, Industrial Group Holdings, LLC
    Industry
    Manufacturing
    Location
    Indiana, United States
    Type
    Buyout

    Tonka Bay Equity Partners led the acquisition of Standard Locknut, LLC, a Indianapolis-based manufacturer of bearing accessories and components. Northstar Capital provided junior debt and an equity co-investment to finance the transaction; Standard Locknut was sold by Dunes Point Capital (a division of Industrial Group Holdings) as part of Tonka Bay's growth strategy to expand capabilities in engineered manufacturing.

  • Orange Tree Employment Screening Acquires Info Cubic
    November 15, 2022
    Buyer
    Orange Tree Employment Screening, Tonka Bay Equity Partners
    Target
    Info Cubic
    Industry
    Staffing & HR
    Location
    Colorado, United States
    Type
    Addon

    Orange Tree Employment Screening, a portfolio company partnered with Tonka Bay Equity Partners, has acquired Info Cubic, a Colorado-based background screening provider that serves heavily regulated industries including healthcare and DOT-regulated sectors. The transaction is an add-on acquisition intended to deepen Orange Tree's vertical expertise and accelerate its growth plans.

Related Acquisition Pages

IT Services Buyers & Acquisitions 5 tracked deals by Tonka Bay Equity Partners. Staffing & HR Buyers & Acquisitions 4 tracked deals by Tonka Bay Equity Partners. Manufacturing Buyers & Acquisitions 3 tracked deals by Tonka Bay Equity Partners. Healthcare Services Buyers & Acquisitions 2 tracked deals by Tonka Bay Equity Partners. Acquisitions in Minnesota 4 tracked deals by Tonka Bay Equity Partners. Acquisitions in Colorado 2 tracked deals by Tonka Bay Equity Partners. Acquisitions in California 1 tracked deal by Tonka Bay Equity Partners. Acquisitions in Georgia 1 tracked deal by Tonka Bay Equity Partners.

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