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TCF Capital Funding Provides $10MM in Corridor’s Acquisition of IOP

May 23, 2014, 07:40 AM
Filed Under: Manufacturing

TCF Capital Funding, the Chicago-based cash flow and asset-based lending division of TCF National Bank (“TCF Bank”), announced that it provided a $10 million secured financing to support the acquisition of Innovative Office Products (“IOP” or the “Company”) by Corridor Capital. 

IOP, headquartered in Easton, PA, is a leading manufacturer of ergonomic mounting solutions for flat panel monitors, notebooks, tablet PCs and control panels.  The Company has differentiated itself over time through both its innovative design capabilities and highly flexible offering of custom configured products. IOP offers more than 5,000 SKUs to a diverse base of blue chip customers that includes commercial furniture OEMs, IT and office equipment distributors and VARs, healthcare equipment OEMs and other demanding niche end-markets such as education and financial services across the U.S. and international markets.

"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.”

 “We are extremely pleased to partner with the IOP team,” stated 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 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.

TCF Capital Funding provides cash flow and asset-based lending to lower middle market businesses.  National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. 

Corridor Capital, LLC’s private equity strategy is to leverage its internal operating expertise and extensive network of executives to create value in control transactions in the lower middle market. Corridor, a dedicated fund, works actively in partnership with its portfolio company management teams to create sustainable and scalable infrastructure and to grow organically and through acquisition. The firm focuses on companies in specialty manufacturing, business services and environmental services. Corridor is headquartered in Los Angeles, California.

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