TCF Capital Funding, a division of TCF National Bank which is a subsidiary of TCF Financial Corporation (NYSE: TCF), announced that it provided secured financing to support Cathay Capital Private Equity and its portfolio company Innovative Office Products in its acquisition of HAT Contract. In addition to Cathay Capital, the shareholders of Innovative include senior members of management, Norwest Mezzanine Partners and ORIX Mezzanine & Private Equity.
Innovative is an award-winning, North American designer and manufacturer of office/workspace ergonomic and related products including monitor arms, sit-stand workstations, multi-monitor mounts and desk stands, point-of-sale (POS) mounts and healthcare and specialty OEM mounting solutions. The Company designs, develops and assembles products in the U.S. and sells into multiple markets including corporate offices, retailers, hospitality providers, hospitals and other healthcare providers, and to the government.
Founded in 2013, and based in San Jose, CA, HAT is a leading North American designer, contract manufacturer and distributor of office ergonomic products including height adjustable tables, power/data beams, drawer pedestals, dividers, work surfaces and electrical components for benching and bases. HAT’s products are known for the health benefits associated with height adjustability, and the company provides a unique combination of quality lines, exceptional service and value.
“We are excited to provide additional financing to support Cathay Capital’s and Innovative’s strategic plan through the acquisition of HAT,” said Kevin Nowak, TCF Capital Funding Senior Vice President. “Innovative and HAT have built strong brands by providing quality ergonomic solutions across many markets and we believe this partnership will result in accelerated global expansion of the Company.”
About TCF Capital Funding
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. TCF Capital Funding is a division of TCF National Bank, which is a subsidiary of TCF Financial Corporation (TCF) (NYSE: TCF). To learn more about TCF Capital Funding, visit www.tcfcapitalfunding.com.
About TCF Bank
TCF is a Wayzata, Minnesota-based national bank holding company. As of June 30, 2018, TCF had $23.2 billion in total assets and 315 bank branches in Illinois, Minnesota, Michigan, Colorado, Wisconsin, Arizona and South Dakota providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing and equipment finance business in all 50 states and commercial inventory finance business in all 50 states and Canada. http://ir.tcfbank.com.
About Cathay Capital Private Equity
Cathay Capital is a leading international private equity firm in the field of cross-border investment, committed to supporting the international expansion of middle-market companies in North America, China and Europe. Cathay Capital’s team of over 50 professionals is based in New York, Shanghai, Beijing, Paris, Munich, and Silicon Valley, and leverages Cathay’s unique business model and platform to help create value for companies across three continents. With more than $2.0 billion in assets under management across its funds, Cathay Capital has completed buyouts and growth capital investments in over 80 platform companies across three continents since its inception in 2007. Cathay Capital invests in middle-market companies in the consumer goods and services, healthcare, business services and technology industries. To learn more about Cathay Capital, please visit www.cathay.fr.
About Norwest Mezzanine Partners
Norwest Mezzanine Partners (NMP) invests junior capital to support private equity sponsored transactions. Focused on diverse industries for investment opportunities, NMP offers flexible transaction structures and a broad investment charter, tailoring each transaction to fit the investment requirements of all involved parties. NMP has raised $2.2 billion in capital since inception and invests in partnership with financial sponsors. To learn more about NMP, please visit www.nmp.com.
About ORIX Mezzanine & Private Equity
ORIX Mezzanine & Private Equity offers a variety of junior debt and equity financing options for lower mid- to middle-market companies throughout North America. Typical investments range from $10 million to $30 million, with the capacity to grow. Investments are in a wide variety of industries and transaction types including buyouts and acquisitions, growth financings, recapitalizations and special situations. Investing the firm’s own proprietary capital has allowed for a flexible and long-term approach to investments that is often not afforded by traditional investment firms. ORIX Mezzanine & Private Equity is a business unit of ORIX USA (www.orix.com), a Dallas-based financial services firm that since 1981 has been providing innovative capital solutions that clients need to propel their business to the next level. With more than 900 employees spanning nearly 30 offices across the U.S. and Brazil, ORIX USA and its family of companies hold $8 billion of assets and manage an additional $40 billion, approximately. Its parent company, ORIX Corporation, is a Tokyo-based, publicly owned international financial services company with operations in 36 countries and regions worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchanges (IX). For more information on ORIX Mezzanine & Private Equity, visit www.orixmpe.com.
About Innovative Office Products
Innovative is an award-winning designer and manufacturer of ergonomic products and accessories that improve health, wellness and productivity across a range of work environments. The Company has over 125 employees working in the U.S. to design and assemble a majority of products in its Easton, PA headquarters. Innovative is able to work closely with customers from start to finish, providing a range of high quality products that exceed client expectations. To learn more about Innovative, visit www.innovativeworkspaces.com.
About HAT Contract
HAT is a leading North American designer, contract manufacturer and distributor of office ergonomic products including height adjustable tables, power/data beams, drawer pedestals, dividers, work surfaces and electrical components for benching and bases. HAT’s products are known for the health benefits associated with height adjustability, and the company provides a unique combination of quality lines, exceptional service and value. To learn more about HAT, visit www.hatcontract.com.
