Corridor Capital Acquires Specialty Manufacturer Innovative Office Products
LOS ANGELES, Calif., September 11, 2013-- In its second transaction in as many weeks, Corridor Capital has acquired a majority interest in Innovative Office Products, LLC ("IOP" or the “Company”) in a transaction that closed on September 9, 2013.
IOP, headquartered in Easton, PA, is a leading manufacturer of ergonomic mounting solutions for flat panel monitors, notebooks, tablet PCs and control panels (www.lcdarms.com). 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.
Corridor Capital, through its dedicated fund Corridor Capital II, L.P., in partnership with IOP’s management team and Avante Mezzanine Partners, acquired the Company on September 9, 2013. Corridor identified the business as one that could greatly benefit from its collaborative approach as Transformational Private Equity. IOP was ready for a transition in ownership and sought a partner who could team with management in its pursuit of continuing to organically scale the business and add an acquisition and integration capability.
“IOP has experienced solid growth in recent years, driven by our long-standing reputation for consistently meeting our customers’ exacting demands for high quality, innovative and functional solutions. It was critical to all of the Company’s stakeholders to find a partner committed to preserving this legacy as we continue to grow,” said Joe Tosolt, CEO of IOP. “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."
“We are extremely pleased to partner with Joe Tosolt and the IOP team to empower the Company in its evolution from a market leading entrepreneurial business to a niche institutional enterprise,” stated Craig Enenstein, CEO of Corridor. “IOP has unparalleled capabilities in the mounting solutions segment of the rapidly growing market for ergonomic equipment, computer accessories and furniture. We look forward to assisting the business as it goes through its next stage of infrastructure development, product innovation and growth.”
About Corridor Capital
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. For more information, please visit www.corridorcapital.com.
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