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The November 2001 recapitalization of Industrial Controls Distributors was structured to allow the Company's founder and chief executive to achieve liquidity and retain a significant equity interest in the business on a tax-deferred basis. ICD was the leading independent distributor of industrial automation controls, industrial components and commercial heating, ventilation and air conditioning and combustion controls in the Northeast. To complement its product offering, the Wanamassa, New Jersey-based Company provided an array of value-added services including product training, technical assistance, assembly and pre configuration services.
The Company was well positioned for growth in a highly fragmented industry comprised largely of small, privately-held businesses. Building on its solid foundation, the Company implemented its growth strategy and acquired several complementary businesses after the recapitalization, expanding the breadth of the Company's product lines and increasing ICD's geographic footprint to 22 states in the Mid-West, Mid-Atlantic and Northeastern United States. Furthermore, ICD added significant resources to its management team and implemented an enterprise software package that was integrated with a powerful CRM system to improve salesforce efficiency and improve customer penetration.
ICD was sold in December 2006 to affiliates of AEA Investors, which is leveraging the infrastructure, both people and systems, that was put in place to continue to implement the Company's business plan and long term growth strategy.
