Intelligrated Inc., the fast-growing supplier of material handling systems to retailers and other companies, has been acquired by a European private equity firm for more than $500 million.
The acquisition of the Mason-based business by Permira, the private-equity owner of companies from Hugo Boss to Birds Eye food brands, was announced Friday.
Intelligrated, which broke ground earlier this year on a new facility, will remain headquartered in Mason. The company’s management, led by founders Chris Cole and Jim McCarthy, will continue to lead the company.
The Permira funds’ investment will support the company’s global growth opportunities and allow it to increase product offerings and services, said Cole.
“We are thrilled that a world-class investment firm such as Permira has recognized the growth potential in our business,” he said. “This is a strong endorsement for Intelligrated and our highly talented workforce.”
“We are pleased that they recognize our ability and commitment to providing mission-critical, high-speed automated material handling systems, software and service, and believe they are the ideal partners to help us to continue on our strong growth trajectory,” said Cole of Permira.
Intelligrated broke ground in January on a new 60,000-90,000-square-foot facility next to its Mason headquarters on Innovation Way. The expansion, which is scheduled to be completed in the fall, is expected to bring 200 new jobs to the region over the next three years.
Intelligrated, one of Greater Cincinnati’s largest privately held companies, saw growth of more than 38 percent in 2011, said Cole.
The company employs about 2,000 nationally, including 800 in Ohio. Besides its Mason headquarters and engineering facility, which employs 200, Intelligrated employs about 400 at a nearly 300,000 square-foot plant in West Chester.
Intelligrated has operations in several states, Canada and Mexico.
The company, which produces conveyor systems and other material handling equipment, was launched in 2001 by Cole, and president and COO Jim McCarthy. Intelligrated’s ownership has included Gryphon Investments in San Francisco and Tudor Capital of Boston.
The deal is expected to close in the third quarter of this year, London-based Permira said today in a statement.