Industrial Opportunity Partners (IOP) raised its third fund, Industrial Opportunity Partners III LP, at $450 million. The private equity firm raised the fund in about three months. IOP recently sold auto filter maker Kuss Filtration.

IOP is an Evanston, Illinois-based middle market PE firm that invests up to $50 million in businesses that have between $30 million and $350 million in revenue. The firm focuses on the construction, automotive and industrial sectors. Earlier in 2017, IOP-backed Monroe Truck Equipment Inc. acquired Towmaster Inc.

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