Cathay Capital Leads Recapitalization of Innovative Office Products

May 4, 2020
North America

Cathay Capital Private Equity (“Cathay Capital”) is pleased to announce that it has led the recapitalization of Innovative Office Products, LLC (“Innovative” or “the Company”) (, an award-winning, North American designer and manufacturer of office and 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 Original equipment manufacturer (OEM) mounting solutions. This new investment capitalizes upon Cathay’s deep experience in the global furniture and related accessories industry. Cathay has partnered with management, Norwest Mezzanine Partners (“Norwest” or “NMP”) and ORIX Mezzanine & Private Equity (“ORIX”) in this investment.

Based in Easton, Pennsylvania, Innovative began as a family-owned operation in 1986 and has grown into a global company over the past 30 plus years. The Company designs, develops and assembles leading 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. Currently, Innovative serves North America, Europe (through its Copenhagen office) and Australia.

Cathay’s cross-border strategy focuses on providing access for its North American portfolio companies to resources and networks in China and Europe to establish sales relationships, improve operating and sourcing capabilities, and to enhance the strategic capabilities of portfolio companies in key global markets. Additionally, Cathay helps strengthen client and strategic relations throughout its own offices in China, Europe and other parts of the world. Innovative has the desire to more rapidly expand globally given the appeal of ergonomics and specialty-mounting products across markets. Cathay’s successful experience with Germantown, WI-based Raffel Systems (, a leader in the furniture motion controls industry, paved the way for Innovative to seek out Cathay’s unique cross-border strategy.

“The office furniture industry has been growing in a very healthy fashion in North America as an increasing percentage of professionals and employers are paying attention to ergonomics and smart office products that enhance workplace health and wellness while improving employee productivity. Cathay Capital’s North America China and European teams are excited to work with Innovative to accelerate the Company’s growth” said Mingpo Cai, Co-Founder and President of Cathay Capital. “We are thrilled to partner with Norwest and ORIX in the recapitalization of Innovative and to fuel the rapid expansion of Innovative over the coming years, organically and through add-on acquisitions. This investment matches our strategy of helping forward-thinking North American companies identify and realize cross-border opportunities in China and Europe where Cathay has an extensive footprint and ecosystem” said Mark Woods, Partner of Cathay Capital.

On behalf of the Innovative management team, CEO David Fox said, “We are delighted to have Cathay Capital, ORIX and Norwest as partners supporting our global growth. Our strategic visions are perfectly aligned and we are excited to achieve dynamic growth on multiple continents as we develop innovative ergonomic and mounting solutions to satisfy expanding demand for products that improve health, wellness and productivity.”

Cleary Gull Inc. acted as exclusive financial advisor to IOP Holdings, LLC in this transaction. TCF Capital Funding provided a senior credit facility in the recapitalization.


About Cathay Capital

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. As of today, 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

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 in 2000 and invests in partnership with financial sponsors. To learn more about NMP, please visit

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 (, 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

About Innovative

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. Please visit to learn more about our business.

Cathay Capital Contacts:

David G. Hoffman, Managing Partner, [email protected], +1 212 858-9480

Mark Woods, Partner, [email protected], +1 212 858-9721

Innovative contact:

David Fox, CEO, [email protected], +1 610 559-6363