Granite Equity Invests in All Flex

St. Cloud, Minnesota (December 31, 2010) – Granite Equity announced today that it has made a majority ownership investment in Northfield, Minnesota based All Flex, Inc.  Granite was originally invited to invest as a minority owner of the business with Tonka Bay Equity Partners in January of 2007.  The firms successfully grew the business in partnership with the All Flex management team.  Today’s investment by Granite and the All Flex management team will allow Tonka Bay to realize a strong return on its investment while providing continuity and stability for the company.

Tom Adamson, who represented Tonka Bay on the Board, will continue on as the Board Chair.  Tom commented that, “All Flex has an amazing track record of growth and change, while still adhering to the key principles of their success. With this ownership transition, the entire team sees a remarkable future ahead.”

Greg Closser, who has served as All Flex’s CEO and an investor in the company for the last four years noted that, “The All Flex Leadership Team is very happy that Granite is making a controlling investment in All Flex.  They have been great partners with us and Tonka Bay.  As a reflection of their values, Granite has allowed and provided funding so that a larger group of All Flex’s key employees have become owners in the company.” 

Art Monaghan, a Partner with Granite Equity and representative on the All Flex Board said that, “Granite Equity has been very pleased with All Flex's consistent growth over the past 4 years, and we look forward to our increased partnership with the entire All Flex team to help to enhance value for all stakeholders for many years to come.” 

As part of the transaction, Tonka Bay will continue to hold securities in the company and remain on the governance Board.  Art added that, “Tonka Bay has been a fabulous partner for the past 4 years, and we appreciate their leadership with All Flex.”

Founded in 1991, All Flex has emerged as the leading provider of specialty flex circuits and value-add assemblies. The products offered today include multi-layer, Maxi-Flex®, rigid flex, and heater circuits.  All Flex flexible circuits can be found in many applications and markets including medical,  military, instrumentation, aerospace, industrial, and telecommunications. See www.allflexinc.com.

Granite Equity Partners is a private investment firm that governs and grows companies in Greater Minnesota.   As stewards, we create value for all stakeholders through our investing, financing, board governance, and management recruiting and development activities. See www.GraniteEquity.com.