Corridor Capital acquires majority stake in Innovative Office Products
Private equity firm Corridor Capital closed its acquisition of Innovative Office Products (IOP). No financial terms were disclosed. Corridor partnered with Avante Mezzanine Partners and the management team of IOP for the purchase. IOP makes ergonomic mounting solutions for gadgets like notebooks, tablets, control panels and flat panel monitors.
IOP Chief Executive Officer Joe Tosolt said the company had shown solid growth in the past few years. He said it was important for their stakeholders to partner with an investor who would preserve this legacy. "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," he added.
Corridor Chief Executive Officer Craig Enenstein said the capabilities of IOP in the ergonomic market for mounting solutions remained unparalleled. "We look forward to assisting the business as it goes through its next stage of infrastructure development, product innovation and growth," he added.