Shorehill Capital has acquired Functional Devices in partnership with the company’s senior management team and its owner Ken Rittmann.
Functional Devices is a manufacturer of relays, power supplies, transformers, sensors, enclosures and wireless devices that are used in the HVAC, building and lighting controls, and energy management industries. Company-owned brand names include RIB, one of the most recognized brands within the building controls industry. Functional Devices is headquartered north of Indianapolis in Sharpsville, IN (www.functionaldevices.com).
Functional Devices was founded in 1969 by Ken Rittman’s father, Al Rittmann. Ken was promoted to President in 1993 and led the company for over 20 years. In 2014, Ken promoted Mark Fernandes to President and Mr. Fernandes continues to the lead the company today.
“We have a long history in the building automation controls industry and believe it will continue to benefit from several positive long-term demand drivers,” said Dave Hawkins, a managing partner at Shorehill Capital. “We are excited to partner with the company’s management team and Ken Rittmann to build upon the company’s 50-year history of providing its customers with high-quality products and customer service.”
Shorehill Capital makes control investments in North American-based middle market companies that have from $3 million to $15 million in EBITDA and enterprise values of $25 million to $150 million. Sectors of interest include engineered industrial products, industrial services, and value-added distribution. The firm was founded in 2013 by its managing partners Brian Simmons and Dave Hawkins, both former senior executives of CHS Capital. Shorehill is based in Chicago (www.shorehillcapital.com).
Madison Capital Funding and Maranon Capital provided financing to support the buy of Functional Devices.
© 2019 Private Equity Professional | January 9, 2019
