Accumold Corp. is poised for significant growth after a recapitalization in which senior management, Tonka Bay Equity Partners LLC of Minnetonka, Minn., and Summit Equity Group LLC have gained a stake in the firm.
The Ankeny, Iowa, firm will be known as Accumold LLC. Current Chief Executive Officer and President Roger Hargens and Chief Financial Officer Steve Boal both have increased their investments.
``It is a very positive situation for us,'' Hargens said in a telephone interview, ``Management stays in place so it will be a seamless transaction.''
Accumold focuses on micro-sized parts in such industries as micro-electronics, automotive, fiber optics, medical and military. Using its trademarked Micro-Mold technology, it designs, builds and produces unique molds and parts at a 38,000-square foot plant. Hargens said the firm ships products worldwide and the added capital will let it expand.
Cary Musech, managing principal of Tonka Bay, is a new Accumold board member.
Summit is a private equity firm in Ankeny that invests in midsize private companies. Tonka Bay invests in small and midsize manufacturers and business-service firms. It manages two private equity funds with combined capital of $200 million.
Meanwhile, Tonka added Ray Torres as a new operating partner, and said it will pursue plastics packaging purchases. Torres continues as president of two other firms: Torres and Towers LLC, a joint venture in Hazleton, Pa., that makes plastic closures; and Towers Innovative Packaging LLC a consulting firm.
Peter Kooman, Tonka managing principal, said the company wants to buy plastic packaging firms with earnings before interest, taxes depreciation and amortization of more than $2 million. Target markets include personal-care, household goods, medical and food.