Tonka Bay Equity Partners Announces MFRA’s Acquisition of
Schoell & Madson, Inc.
Minnetonka, Minn. (November 15, 2007) – Tonka Bay Equity Partners ("Tonka Bay") today announced that its portfolio company, McCombs Frank Roos Associates, Inc. (“MFRA”) has acquired Schoell & Madson, Inc (“SMI”). SMI is MFRA’s first add-on acquisition since being acquired by Tonka Bay. MFRA is one of Tonka Bay’s three remaining companies from its first fund.
Based in Plymouth, Minnesota, SMI is a leading provider of services in civil engineering, land and community planning, landscape architecture, and land surveying to both public and private clients in Minnesota. The company has offices in Plymouth and Elk River, Minnesota.
Mike Smiggen, a Principal of Tonka Bay and member of MFRA’s board said, “We view this acquisition as an excellent strategic opportunity for MFRA. Adding SMI’s experienced staff to our team at MFRA builds upon the expertise and reputation that both firms have developed over the years.”
Jeff Roos, CEO of MFRA, stated, “MFRA stresses the concept of value-added services in which our designs improve the return on investment to our clients. When we looked at SMI, we saw the same client-advocate attitude and new we would be a good fit. We are very optimistic about the future and this merger puts us in perfect position to be a catalyst in the recovery of our industry.”
Dana Swindler, President of Schoell & Madson, added, “The combination provides us with increased capabilities and expertise for our clients and will enable us to better compete with the larger national firms.”
ABOUT McCombs Frank Roos Associates, Inc.
Based in Plymouth, MN, MFRA is a civil engineering and professional services firm providing services in land development, surveying, planning, municipal engineering, environmental work, and landscape architecture. The Company has been working in the Twin Cities market for over forty years and maintains a very strong reputation among municipalities and private developers.
ABOUT Tonka Bay Equity Partners
Located in Minnetonka, Minnesota, Tonka Bay Equity Partners 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). For more information, call (952) 345-2027 or visit www.tonkabayequity.com.
