Stout announced today that Seaway Plastics Engineering (Seaway), a portfolio company of Tonka Bay Equity Partners (Tonka Bay), has been acquired by ICG, a global alternative asset manager. Stout served as exclusive financial advisor to Tonka Bay and Seaway in connection with this transaction.

Seaway, headquartered in Port Richey, FL, provides a one-stop solution for complex projects in the medical, aerospace, defense, and precision industrial industries. Seaway has established high standards for excellence and quality within highly regulated industries requiring tooling, plastic injection molding, and secondary operations. Seaway has three locations on the East and West Coast occupying 130,000 square feet and is ISO-13485-certified in all facilities to service a wide range of clients. With over 250 employees and one-third of the workforce averaging 10+ years at Seaway, the team’s experience ensures that products are completed with skill and speed for faster turnarounds and a commitment to quality.

“We are very pleased to partner with ICG as we look to accelerate our growth,” said Tom Orr, President and CEO of Seaway. “I am immensely proud of all the success Seaway has seen in its nearly 40-year history. We have enjoyed working with Tonka Bay over the past several years and look forward to partnering with ICG to further strengthen our sales coverage, product capabilities, and production capacity.”

“We have enjoyed working with the Seaway management team and are excited about the company’s future as it joins the ICG organization,” said Cary Musech, Partner at Tonka Bay. “We are extremely pleased with the outcome of this transaction and the insight and guidance provided by Stout.”

Kam Kielhorn, a Tonka Bay Principal, added, “Seaway is an excellent example of the Tonka Bay playbook, which focuses on leadership, strategy, and execution. The company is well positioned for accelerated growth.”

Based in Minnetonka, MN, Tonka Bay 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.

David Evatz, Managing Director at Stout, said, “Seaway is a trusted manufacturing partner to customers in highly attractive end market segments. The company maintains strategically located facilities and offers full-service prototype-to-production capabilities for highly complex, mission critical applications. It was a pleasure working with Tonka Bay and Seaway on this transaction.”

Stout’s Chris Hannah, Max Halsted, Tyler Skarstein, Vinay Moorthy, and Ben Murray assisted in executing the deal.

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