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L Squared Capital Partners has acquired Functional Devices, Inc., a provider of field devices for building automation. The investment aims to support organic growth and pursue further acquisitions in the peripheral components market.

L Squared plans to enhance product innovation and commercial reach while leveraging FDI's established brand and customer trust. The acquisition is financed by L Squared and debt providers Apogem Capital and BMO, with legal counsel from Vedder and Harris Williams.