Buffalo private-equity firm acquires ICM Controls

CICERO, N.Y. — ICM Controls, Inc. of Cicero and its affiliates are now under the ownership of Lorraine Capital, LLC, a Buffalo–based private-equity firm.

ICM Controls is a manufacturer of electronic control products. ICM, which has about 300 employees, is based in Cicero at 7313 William Barry Blvd.,  off East Taft Road.

Lorraine Capital acquired ICM in partnership with Ironwood Capital, LLC, an Avon, Connecticut–based subordinated debt fund. Lorraine didn’t disclose any financial terms of its acquisition agreement with ICM in its May 4 announcement.

William Maggio, one of Lorraine’s partners, told The Buffalo News that it was the largest deal in the firm’s nine-year history.

Joseph Bonacci, CEO of ICM, said the firm is “excited” about its future and partnership with Lorraine, per the Lorraine announcement.

“We are of course grateful to the Kadah family for ensuring that ICM and its employees remain in Syracuse while also transitioning the company to a partner that will provide the resources needed for us to reach our potential,” Bonacci said. “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.”

ICM Controls is the “perfect company” for Lorraine, Justin Reich, managing partner at Lorraine, contended. “ICM is a vertically integrated controls manufacturer with amazing capabilities. Most importantly, it has strong leadership and great people. We look forward to working alongside the ICM team to ensure that its future builds upon its bright past,” he said.