L Squared Capital Partners has recently acquired Functional Devices, Inc., a leading provider of quality field devices for building automation and emergency lighting systems.
Mark Fernandes, President and CEO of Functional Devices, and the existing FDI leadership team invested in the transaction alongside L Squared – and will continue to lead the business as the company embarks on this next phase of growth.
This investment reflects L Squared’s thesis in the building automation and controls market, driven by durable tailwinds including energy efficiency requirements, electrification, increased system complexity, and accelerating investment in data center infrastructure. FDI represents L Squared’s continued commitment to building scaled platforms around exceptional brands with mission-critical products and loyal customer bases, where the company can make incremental investments in new product development and strategic acquisitions to increase its impact with distributors and end customers.
Commenting on the partnership, Fernandes said, “Partnering with L Squared is a significant milestone for Functional Devices. We share a long-term vision for the business that is grounded in delivering dependable, high-quality products and investing in the people who make that possible. L Squared’s belief in our team, our new product development engine, and our acquisition strategy make this a natural fit.”
