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05/03/2022 | Announcement
Ironwood Capital Announces Subordinated Debt and Equity Investments in ICM Controls, Inc.

AVON, CONNECTICUT, May 3, 2022 – Ironwood Capital is pleased to announce its subordinated debt and equity investments to support Lorraine Capital’s acquisition of ICM Controls, Inc., and its affiliates (“ICM”). Headquartered in Syracuse, New York, ICM is a leading, ISO-Certified manufacturer of electronic control solutions.  

“Today is an exciting day in ICM’s history and the future is very bright. Our customers, our suppliers, our employees, everyone will see the best of ICM in the coming years” said Joseph Bonacci, CEO of ICM.  

Ironwood Capital Partner Alex Levental stated, “Ironwood has a longstanding investing relationship with Lorraine Capital, and we are highly optimistic that ICM has reached an inflection point for growth. The company has significant opportunities to increase its wallet share with key customers through new product development.”  

“ICM offers its customers a full suite of design-build services from initial ideation to final production and packaging, with minimal direct competition in the domestic market,” added Ironwood Capital Director Adam Dotson.      

About Ironwood Capital Celebrating 20 Years of Middle Market Investing Ironwood Capital provides non-control growth capital to middle market companies across the U.S. The Firm has invested more than $1 billion in over 100 companies since 2001 and currently invests subordinated debt and minority equity in amounts ranging from $10 million to $30 million. Ironwood’s investments support business owners and financial sponsors in growth financings, full and partial recapitalizations, generational transitions and buyouts. For more information, please visit: ironwoodcap.com 

About ICM Controls, Inc. Since its inception in 1984, ICM has been a leading, domestic manufacturer of custom electronic control solutions distributed throughout the world. ICM’s vertically integrated manufacturing model provides partners options from concept to prototype to production quickly, without compromise in quality.

For more information, please visit: icmcontrols.com.    

Media Contacts
Carolyn C. Galiette
Partner, President and 
Chief Investment Officer
(860) 409-2105 

Kimberly A. Craig
Vice President
Investment Operations
(860) 409-2125