MASON, OHIO (June 8, 3:45 p.m. ET) — Intelligrated Inc., a manufacturer of material handling equipment has signed a deal to be acquired by a holding company owned by Permira, a London-based private equity firm.
The deal is valued in excess of $500 million, according to a June 8 news release from Mason-based Intelligrated. Company founders Chris Cole and Jim McCarthy will maintain a significant ownership stake and will continue to lead the company, according to the release.
Intelligrated makes automated systems and robots for conveying and palletizing for material handling and distribution of retail consumer products, food and beverage, apparel, converted paper, pharmaceutical, postal distribution and airport baggage handling. The company also makes warehouse control systems.
Cole, the company's CEO, and McCarthy, the president and chief operating officer, co-founded Intelligrated in 2001 after their former company, Pinnacle Automation Co., was sold to FKI Logistex Group Ltd. of
According to Intelligrated, Permira's investment will help the company expand in
“Intelligrated is well-positioned to capitalize on the growing demands on companies to increase supply chain efficiency and better serve the evolving needs of their customers,” said Richard Carey, Partner and co-Head of the Global Industrials Group at Permira.
The deal is scheduled to close in the third quarter.