Norwest Mezzanine Partners Invests Alongside Industrial Opportunity Partners in Creative Foam
October 20, 2017
Norwest Mezzanine Partners (NMP) is pleased to announce it has invested a combination of subordinated debt and equity capital to support Industrial Opportunity Partners’ acquisition of Creative Foam Corporation, provider of engineered solutions in die-cut, formed foams, and composite core kitting.
Since 1969, Creative Foam has been manufacturing custom engineered foam solutions – die cut, formed foam, nonwoven, and multi-material components. With a focus on technical innovation, Creative Foam serves the automotive, medical, and wind energy industries. Within the automotive industry, they are helping to solve vehicle issues related to noise, vibration and harshness along with sealing, airflow, and insulation. Within the medical industry, they offer solutions such as radio frequency (RF) welding, foam encapsulation, molding/coating, and in-house materials testing. Creative Foam also leads the wind energy industry for kitting of cores for turbine blade construction.
“We are excited to invest in Creative Foam and to partner for the third time with Industrial Opportunity Partners. Creative Foam is extremely well positioned in its market and we look forward to supporting Dave Swallow (CEO) and his team as they continue to execute on their successful growth strategy,” stated Carter Balfour, NMP Partner. “NMP’s relationship with IOP is based on our respect for their investment team as individuals as well as investors”
“On behalf of the entire Industrial Opportunity Partners team, we appreciate the support and flexibility from NMP throughout the process. NMP is reliable, thoughtful, and helps to make the closing process go as smoothly as possible,’’ commented Bob Vedra, Senior Managing Director of Industrial Opportunity Partners.
About Industrial Opportunity Partners
Industrial Opportunity Partners, an Evanston, Ill.-based private equity firm with $910 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $30 million and $350 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses.