TCF Capital Funding has provided $10 million in secured financing to support the acquisition of Innovative Office Products by Corridor Capital.
Innovative Office Products (IOP) is a manufacturer of ergonomic mounting solutions for flat panel monitors, notebooks, tablet PCs and control panels. IOP offers more than 5,000 SKUs to a base of blue chip customers that includes commercial furniture OEMs, IT and office equipment distributors and VARs, healthcare equipment OEMs and other niche end-markets such as education and financial services across the US and international markets. The company is headquartered north of Philadelphia in Easton, PA (www.lcdarms.com).
“IOP is a leader in this niche segment, and we are excited to partner with Corridor Capital in its investment in IOP,” said TCF Capital Funding Senior Vice President Jim Kuncl. “The company’s management team has an excellent track record, and we look forward to supporting Corridor Capital as it grows the business.”
TCF Capital Funding provides asset-based loans and private equity sponsor-backed cash flow loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. The firm is led by Joseph Gaffigan, President, and is based just outside Chicago in Burr Ridge, IL (www.tcfcapitalfunding.com).
“We are extremely pleased to partner with the IOP team,” said Craig Enenstein, CEO of Corridor. “We look forward to assisting the business as it goes through its next stage of infrastructure development, product innovation and growth.”
Corridor Capital makes control investments of $3 million to $12 million in mid-market companies with EBITDAs of $2 million to $5 million. Sectors of interest include specialty manufacturing, business services, and environmental services. Corridor focuses on complex situations, particularly those requiring growth support or operational or financial engagement. Corridor’s investor base includes approximately 150 executives across an array of industries and disciplines that the firm uses as an active resource for its portfolio companies and their teams. The firm is based in Los Angeles (www.corridorcap.com).
“Corridor has a proven track record of helping small market businesses build lasting value over time. With Corridor’s involvement, we anticipate accelerating our growth and investing in the resources necessary to lead the industry in quality and innovation well into the future,” said Joe Tosolt, CEO of IOP.
2014 PEPD • Private Equity’s Leading News Magazine • 5-27-14
