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L Squared Capital Partners has acquired Functional Devices, Inc. (FDI), known for its RIB® brand in building automation. This acquisition aims to foster organic growth and pursue further acquisitions in the peripheral components market.

FDI's management, including President Mark Fernandes, has invested in the deal and will continue to lead the company. L Squared sees potential in the building automation sector, driven by energy efficiency and increasing system complexity.

The partnership will focus on product development and strategic acquisitions to deepen market presence. The transaction is supported by equity from L Squared and debt from Apogem Capital and BMO, with legal assistance from Vedder and Harris Williams.