Mergers & Acquisitions

Functional Devices Inc. Acquired by L Squared Capital Partners

6958 Functional Devices NT-vertical

M&A Engagement Overview

Industry Group: Industrials
Areas of Focus: Engineered Equipment, Products and Components; Industrial Technology

Harris Williams advised Functional Devices Inc., a portfolio company of Shorehill Capital, on their sale to L Squared Capital Partners. Headquartered in Sharpsville, Indiana, Functional Devices Inc. is a leading U.S.-based manufacturer of relays, power supplies, transformers, sensors, enclosures, and wireless devices utilized in the HVAC, building and lighting controls, and energy management markets.

In the current industrial landscape, building automation has shifted from a discretionary upgrade to a mission-critical necessity. The convergence of AI-driven data center expansion and a massive, non-discretionary replacement cycle within aging U.S. commercial infrastructure creates a highly resilient opportunity for investors.

FDI’s RIB® (Relay in a Box®) brand is one of the most recognized within the building automation space. The company’s proven reliability boasts a product failure rate of less than 1 in 16,000 devices (63 PPM), and this reputation for quality makes them an industry standard for essential building automation components.

Shorehill Capital acquired a majority ownership interest in FDI in 2019. Together, Shorehill and FDI expanded the leadership team, added automation and new product development capabilities, and drove exceptional growth while maintaining FDI’s reputation for high-quality products and customer service.

FDI’s partnership with L Squared combines their resilient RIB® trifecta organic strategy (relays, power supplies, and transformers) with L Squared's proven industrial M&A playbook, which has completed 70+ add-on acquisitions to date. This synergy will allow FDI to capitalize on significant white space opportunities.

Contact the Harris Williams Industrials Group to learn more about this client engagement.

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