Operations-focused middle market private equity firm
Industrial Opportunity Partners
- HeadquartersEvanston, IL S2
- Founded2005 S2
- Websiteiopfund.com
- Last verifiedOctober 20, 2026
At a glance
| Latest fund | Industrial Opportunity Partners IV, $650M (Sep 2022) S6 |
|---|---|
| EBITDA range | $5M to $50M S3 |
| Revenue range | $50M to $500M S3 |
| Check size | $15M to $100M S3 |
| Deal types | Platform, Add-on S3 |
| Geography | North America S3 |
| Sectors | Industrial & Manufacturing, Distribution, Consumer & Food |
What Industrial Opportunity Partners buys
Industrial Opportunity Partners (IOP) is an operations-focused private equity firm in Evanston, Illinois, founded in 2005. It has raised more than $1.5 billion, and its current fund, Fund IV, closed at its $650 million hard cap in 2022. IOP buys only manufacturers and value-added distributors, in any industry, from building products and truck bodies to packaging films and specialty foods. Its usual target has $50 million to $500 million of revenue and $5 million to $50 million of EBITDA, and it puts in $15 million to $100 million of equity per deal, for control, across North America. It prefers positive EBITDA but does not require it, so it also does carve-outs, restructurings and recapitalizations of strained businesses.
IOP pairs each platform with one of its full-time operating principals, a former executive who usually becomes chairman. It mostly buys from owners and corporations rather than other buyout firms. A company below its size range would usually meet IOP as an add-on, which it says can be any size, to a platform such as Creative Foam or Charcuterie Artisans.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| May 2026 | Stratton AviationVermont seller of used serviceable aircraft and engine parts, the eighth platform for Fund IV; the CEO stays | Platform | Source | |
| Mar 2026 | Royston GroupRetail fixtures, signage and display platform, owned since 2018, sold to LSI Industries | Exit | Industrial & Manufacturing | Source |
| Jan 2026 | La Quercia Cured MeatsIowa prosciutto maker and its plant added to Charcuterie Artisans | Add-on | Consumer & Food | Source |
| Sep 2025 | Charcuterie ArtisansRecapitalization of the maker of Creminelli and Del Duca cured meats that removed about $200 million of debt | Platform | Consumer & Food | Source |
| Mar 2025 | AccuMED HoldingsDominican Republic contract maker of textile medical devices added to Creative Foam | Add-on | Industrial & Manufacturing | Source |
| Dec 2024 | Mickey Truck BodiesNorth Carolina truck and van body maker, family-owned since 1904; the fourth-generation CEO keeps a stake | Platform | Industrial & Manufacturing | Source |
Portfolio by sector
From the firm's portfolio page S4.
Consumer & Food
- Charcuterie Artisans Current
- Harvest Food Group Current
Distribution
- N.B. Handy Holdings Current
Industrial & Manufacturing
- Creative Foam Corporation Current
- Edelbrock Group Current
- Forte Opening Solutions Current
- Greenfiber Current
- Little Giant Ladder Systems Current
- Mickey Truck Bodies Current
- PolyVision Corporation Current
- Transcendia Current
- Viaflex Current
- York Design Group Current
Other
- Stratton Aviation Current
Greymont’s take
How Industrial Opportunity Partners fits a seller
IOP suits owners of established manufacturing or distribution companies, especially family businesses and corporate divisions that need operating help as much as capital. Its recent platforms show the pattern: Mickey Truck Bodies had been in one family since 1904, and its fourth-generation CEO kept a stake, while Forte Opening Solutions and Viaflex were carved out of larger corporations. IOP will also back companies with too much debt, as in the 2025 Charcuterie Artisans recapitalization that removed about $200 million of it.
Expect an IOP operating principal to chair the board and to focus on plant performance. IOP says its last six exits all went to strategic buyers, most recently Royston to LSI Industries in 2026. Owners should ask who would chair the board and how much of the operating plan the firm expects to change.
Questions owners ask
What size companies does IOP buy?
Platform companies typically have $50 million to $500 million of revenue and $5 million to $50 million of EBITDA, and IOP invests $15 million to $100 million of equity in each. Add-ons for its platforms can be any size.
Will IOP buy a company that is losing money?
Possibly. IOP says positive EBITDA is preferred but not required, and it lists restructurings, public-to-private deals and bankruptcy situations alongside privately held companies and corporate divestitures.
Does the owner or management keep a stake?
IOP says management should share in the financial success of its investments and welcomes managers investing alongside it, but it does not insist on it. In the Mickey Truck Bodies deal, the family CEO kept an ownership position.
Sources
- S1Industrial Opportunity Partners home page Accessed October 20, 2026
- S2Industrial Opportunity Partners: About Us Accessed October 20, 2026
- S3Industrial Opportunity Partners: Investment Criteria Accessed October 20, 2026
- S4Industrial Opportunity Partners: Investments Accessed October 20, 2026
- S5Industrial Opportunity Partners: News Accessed October 20, 2026
- S6Industrial Opportunity Partners Closes Fund IV at $650 Million (September 27, 2022) Accessed October 20, 2026
- S7IOP Completes Sale of Royston Group to LSI Industries (March 24, 2026) Accessed October 20, 2026
- S8Industrial Opportunity Partners Invests in Mickey Truck Bodies (December 31, 2024) Accessed October 20, 2026
- S9Industrial Opportunity Partners: Stratton Aviation investment page Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Industrial Opportunity Partners. Figures are as reported on the dates shown and may have changed. Request a correction