Solis Capital Partners has invested in ICOM North America. Financial terms weren’t announced. New Hudson, Michigan-based ICOM makes and assembles propane vehicle systems.
NEWPORT BEACH, Calif., Feb. 24, 2015 /PRNewswire/ — Solis Capital Partners (Solis), a lower middle-market private equity firm, today announced that it has invested in ICOM North America (ICOM). Founded in 2004, ICOM has achieved Environmental Protection Agency (EPA) certification for over 700 vehicle platforms – this is in excess of two times the certifications of ICOM’s nearest competitor.
“ICOM’s next generation, patent protected technology makes it the clear leader in this alternative energy segment. Propane autogas is made in America, abundantly available, less expensive and is an environmentally clean fuel,” said Craig Dupper, Managing Partner of Solis. “We’re excited to partner with the ICOM team as they build on their successful track record and accelerate the Company’s growth.”
“Solis is a valuable strategic and financial partner,” said Ralph Perpetuini, CEO of ICOM, “We are excited to have their insight and support as we expand ICOM’s footprint in the North American market.”
“ICOM’s partnership with Solis will help us capitalize on ICOM’s industry leading propane technology and breadth of certifications. We expect to expand ICOM’s portfolio of EPA and CARB certifications to cover even more vehicle platforms,” said Albert Venezio, Chairman of ICOM.
ICOM is headquartered in New Hudson, Michigan, and is the sixth investment in Solis II.
Solis Capital Partners is private equity firm specializing in the lower middle-market. Headquartered in Newport Beach, CA, Solis invests in companies with revenues of $15 million to $100 million, typically in the service, niche manufacturing, and software sectors. The firm is actively investing through Solis Capital Partners II, LP. For additional information, see www.soliscapital.com.
ICOM is a world-class leader in propane autogas innovation. Utilizing the highest quality American-made products available, ICOM develops, assembles and integrates the patented JTG, JTG II, Direct Injection JTGhp, and JTG-Dynamic propane liquid injection fuel systems, as well as toroidal and cylindrical fuel tanks. ICOM’s propane liquid injection technology has obtained an industry-leading number of U.S. Environmental Protection Agency (EPA) certifications to power a full lineup of Chevrolet, Ford®, GM, GMC and Lincoln® vehicles. These Mono-fuel and Bi-fuel applications have achieved superior emissions, torque, power and drivability. For additional information see www.icomnorthamerica.com.