TCF funds PE-backed Innovative’s acquisition of Sis Ergo

TCF Capital Funding has provided $80.1 million in secured financing to back Innovative Office Products' acquisition of Sis Ergo.

TCF Capital Funding has provided $80.1 million in secured financing to back Innovative Office Products’ acquisition of Sis Ergo. No financial terms were disclosed. Office Products is backed by Cathay Capital, Norwest Mezzanine Partners and ORIX Private Equity Solutions. Headquartered in Denmark, Sis Ergo is a maker of height adjustable tables.


DETROIT, Michigan – TCF Capital Funding, a division of TCF Financial Corporation, today announced that it acted as sole lead arranger and administrative agent for $80.1 million of secured financing to support Cathay Capital Private Equity (“Cathay Capital”) and its portfolio company Innovative Office Products in its acquisition of Sis Ergo. In addition to Cathay Capital, the shareholders of Innovative include senior members of management, Norwest Mezzanine Partners and ORIX Private Equity Solutions.

Innovative, parent company to HAT Contract, is a leader in ergonomic monitor, tablet, sit-stand mounting products and height adjustable desk solutions for office, healthcare and other specialty workspaces. Founded and headquartered in Denmark with its primary U.S. facility in Londonderry, New Hampshire, SiS Ergo is a manufacturing pioneer of height adjustable tables. The acquisition of the SiS Ergo brand and its suite of products provides a strong complement to Innovative’s existing line of HAT-branded ergonomic office products and immediately creates a broader and more diverse product offering to the market.

“Innovative, HAT, and Sis Ergo have built strong brands by providing quality ergonomic solutions across many markets,” said Kevin Nowak, senior vice president at TCF Capital Funding. “We are excited to provide additional financing to support Cathay Capital’s and Innovative’s strategic plan through the acquisition of Sis Ergo. SiS Ergo’s customized product solutions enhances Innovative’s suite of product solutions and we believe this partnership will result in the company’s accelerated global expansion.”

About TCF Capital Funding: TCF Capital Funding is a national provider of cash flow-based loans to lower middle market businesses with typically $10 to $150 million in revenue and between $2 million and $15 million in EBITDA. Additionally, TCF Capital Funding focuses on supporting private equity sponsors and family offices in their acquisition or recapitalization of these lower middle market companies. To learn more about TCF Capital Funding, visit

About TCF: TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $50 billion in total assets at June 30, 2020 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 500 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit

About Cathay Capital Private Equity: Cathay Capital is a leading international private equity firm focused on cross-border investment and committed to supporting the international expansion of growing, middle-market companies in North America, China and Europe. Cathay’s team of 100+ professionals is based in New York, Shanghai, Beijing, Paris, Munich, Silicon Valley, Singapore and Tel Aviv and leverages Cathay’s unique business model and platform to help create value for companies across three continents. As of today, with over $3.9 billion in assets under management across its private equity and venture capital funds, Cathay has completed buyouts and growth capital investments in over 100 companies across three continents since its inception in 2007. Cathay Capital invests in middle-market companies in the consumer, healthcare, business and digital services, advanced industrial and technology industries. For more information, 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 $2.6 billion in capital since inception and invests in partnership with financial sponsors. To learn more about NMP, please visit

About ORIX Private Equity Solutions: ORIX Private Equity Solutions expands alternatives for lower-mid to middle-market companies throughout North America by offering standalone equity investments (control and non-control), flexible mezzanine capital or a combination of the two strategies. Investments are predominantly with independent sponsors and also include investments with funded equity sponsors, family offices, and directly with entrepreneurs and management teams. Typical investments are initially in the $10 million to $20 million range with the ability to provide further capital to support our clients’ success. ORIX Private Equity Solutions is a business unit of ORIX Corporation USA (ORIX USA), a financial services firm providing innovative capital solutions since 1981. ORIX USA and its subsidiaries include a team of approximately 1,400 employees spanning more than 35 offices across the U.S. and Brazil.

ORIX USA and its family of companies have $70 billion of assets under management, administration and servicing as of December 31, 2019 (including $10 billion held by the Company and its subsidiaries).* Its parent company, ORIX Corporation, is a publicly owned international financial services company with operations in 37 countries and regions worldwide. ORIX Corporation is listed on the Tokyo Stock Exchange (8591) and New York Stock Exchange (IX). For more information on ORIX Private Equity Solutions, visit or

About Innovative Office Products/HAT Contract: Innovative/HAT Contract is an award-winning designer and manufacturer of ergonomic products and accessories that improve health, wellness and productivity across a range of work environments, including the office, healthcare and point-of-sale markets. The Company has over 200 employees working in the U.S. to design and assemble a majority of products in its Easton, PA headquarters. Innovative/HAT Contract works closely with customers from start to finish, providing a range of high-quality products that exceed client expectations. In 2018, the Company acquired San Jose, CA.-based HAT Contract, a leading North American designer, contract manufacturer and distributor of office open space products including height adjustable tables, power/data beams, drawer pedestals, dividers and electrical components for benching and bases.

About Sis Ergo: Founded and headquartered in Denmark, SiS Ergo is a manufacturing pioneer of height adjustable tables. Since introducing the first height adjustable desk in 1970, SiS Ergo today manufactures ergonomic electric and non-electric height adjustable tables and accessory products for a broad range of workplace ergonomic needs. SiS Ergo products are known for their Danish-inspired modern and minimalistic aesthetic, superior functionality, unique customization options and expert craftsmanship.