January 8, 2019, Author: Hannah Kibler. We are excited to announce that effective January 4, 2019, Functional Devices has been recapitalized by a group of investors consisting of Shorehill Capital, LLC, Ken Rittmann and certain members of the management team.
Shorehill is a Chicago-based private equity firm focused on equity investments in North American based engineered industrial product, industrial service and value-added distribution companies. Shorehill seeks investment opportunities where its experience, network and investment management approach can have a positive impact on company performance. The Shorehill partners have a track record spanning nearly 30 years of helping middle market companies achieve increased growth and improved operational performance through thoughtful strategic plans.
Ken Rittmann, the prior owner, will remain a significant investor in the company and will be an important voice on the Company’s board. It is Mr. Rittmann’s vision to see the company make significant strides over the coming years as a result of this investment. He felt it was in the best interest of employees, customers and suppliers to reduce some of his own risk while allowing new ideas and investment to help Functional Devices reach the next level in our long history.
Mark Fernandes will continue to serve in his role as President of the company. As part of the transaction, Mark was elected to the company’s board to help guide strategic decisions for the future of the company.
Shorehill is excited to support the growth of Functional Devices while building upon our reputation for high quality products and superior customer service. In the immediate future, we do not anticipate significant changes to the way we do business. Our hope is to make logical incremental changes to our strategy to help the organization grow and run more effectively to meet the demands of our customers.
We look forward to many more years of success and want to thank you for your support of Functional Devices.
About the Author: Hannah Kibler started working at Functional Devices in 2006 after graduating with a Bachelors in Visual Communication Design from Purdue University. Over the past 12 years, Hannah has held various positions at Functional including Graphic Designer, Marketing Coordinator, to her current role of Marketing Manager.
