Chicago-based private equity firm Shorehill Capital LLC acquired a majority interest in Functional Devices Inc. for an undisclosed amount, through a partnership with Functional Devices' management team and former owner Ken Rittmann.
Functional Devices manufactures relays, power supplies, transformers, sensors, enclosures and wireless devices used in building controls and energy management industries.
As part of the acquisition, Rittmann retained a significant ownership and will join Functional Devices' board, alongside President Mark Fernandes, who is now an investor in the company.
Shorehill Executive Adviser and Power Grid Components Inc. CEO Keith Mayer will also take a seat on the board.
Madison Capital Funding LLC and Maranon Capital LP provided financing support, while Katten Muchin Rosenman LLP was Shorehill's legal adviser for the deal.