TCF Capital Funding provided secured financing to support Cathay Capital Private Equity, along with 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 a 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 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.
“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.”