Quick Cable Corp., which is based in Franksville in rural Racine County, has been acquired by Minnetonka, Minn.-based Tonka Bay Equity Partners.
Quick Cable is a leading manufacturer of connectors, cable, cable assemblies, and tools for the energy storage industry.
“To continue to reach our sales, profitability and growth targets, we looked for a company to help with the strategy and capital to make that happen,” said Robert Hoganson, formerly Quick Cable’s chief operating officer and now the newly appointed president of the firm. “Tonka Bay was the right company and we feel it is a perfect fit.”
Quick Cable will remain an independent company, retaining its management team and workforce in its Franksville and Mississauga (Toronto) locations. Quick Cable employs 130 people in the United States and Canada.
Prior to the acquisition, Quick Cable was privately held by John Shannon. Shannon will retain an ownership interest in the company and will serve as a business development advisor. The balance of the executive management team remains in place, with Pat Mattern as chief financial officer, and Ken Bons as vice president of sales and marketing.
“Most important for our customers, suppliers, employees and friends is that this is not disruptive — we look at this as an opportunity to grow, and build on our legacy of quality products, reliable delivery and innovative thinking in the battery and DC power industry,” Shannon said. “We are adding depth of experience and resources with this move.”
Tonka Bay Equity Partners is a private equity firm that acquires and invests in growth-oriented businesses in the highly-engineered manufacturing, business services and value-added distribution sectors.
Promontory Point Capital, based in Milwaukee, served as investment bankers for the transaction. Jenkins & Vojtisek, Racine, served as financial advisors; and Reinhart Boerner Van Deuren s.c., Milwaukee, and DeMark Kolbe & Brodek, S.C., Racine, acted as legal counsel.