Tonka Bay has sold Penn-Wheeling Closure to Tecnocap
Tonka Bay Equity Partners (“Tonka Bay”), a Minnetonka, Minnesota-based private equity group, and other shareholders have completed the sale of Penn Wheeling Closure (“Penn Wheeling”) to Tecnocap SPA. Lincoln International initiated this transaction, assisted in the negotiations and served as exclusive financial adviser to the sellers. Terms of the transaction were not disclosed.
Headquartered in Glen Dale, West Virginia, Penn Wheeling is a high margin, niche manufacturer of metal caps and closures for a wide variety of end markets including cosmetics, pharmaceuticals, candles and specialty foods, among others. With a broad customer base and the largest U.S. distribution network in the industry, the Company is the market leader for metal continuous thread closures and is the only U.S. manufacturer of certain types of metal closure products.
Tecnocap is a privately owned manufacturer of metallic closures for glass and plastic containers based in Cava dei Tirreni, Italy, with additional locations in Spain and the Czech Republic. “This transaction is an excellent example of Lincoln International’s strength with respect to cross-border mergers & acquisitions for the middle market,” said Eric Malchow, Managing Director of Lincoln International. “For a business such as Penn Wheeling that is a market leader with relatively few head-on competitors, we were able to leverage our global platform to find and close a transaction with a highly strategic buyer.”
About Tonka Bay Equity Partners
Tonka Bay Equity Partners (www.tonkabayquity.com) 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).
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