Solis Capital Partners has invested in ICOM North America, a manufacturer of liquid and direct-injection propane autogas fueling systems for fleet and commercial vehicles. The purchase of ICOM is the sixth investment made by Solis II, LP, a $61 million fund raised in 2013.
ICOM develops, assembles and integrates propane liquid injection fuel systems, as well as toroidal and cylindrical fuel tanks. ICOM’s propane liquid injection technology is used to power certain Chevrolet, Ford, GM, GMC and Lincoln vehicles and has EPA certification for over 700 vehicle platforms. ICOM was founded in 2004 and is headquartered northwest of Detroit in New Hudson, MI (www.icomnorthamerica.com).
“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 Capital Partners invests from $2 million to $25 million in companies with revenues between $15 million and $100 million that operate in the business services, niche manufacturing, and software sectors. Target companies are typically headquartered in the Western United States. Solis is actively investing through Solis Capital Partners II which closed in May 2013. The firm has offices in Newport Beach and San Diego (www.soliscapital.com).
“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.”
© 2015 PEPD • Private Equity’s Leading News Magazine • 2-25-15