In The News

Permira Funds buys Intelligrated

Intelligrated Inc., the fast-growing supplier of conveyor belts and material handling systems to retailers and other companies, has been acquired by a European private equity firm for more than $500 million.

The new owner is Permira, the private-equity owner of companies from Hugo Boss to Birds Eye food brands.

Intelligrated, which broke ground earlier this year on a new facility, will remain headquartered in Mason. Company founders Chris Cole and Jim McCarthy will continue to lead the business.

Permira’s investment will support the company’s global growth and allow it to increase product offerings and services, Cole said.

“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.”

Intelligrated is one of Greater Cincinnati’s largest privately held companies and employs 2,000 nationally and in Canada and Mexico.

The company broke ground in January on a new 60,000- to 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 also employs 400 at a plant in West Chester. The company saw growth of more than 38 percent in 2011, Cole said.

The company was launched in 2001 by Cole and McCarthy, president and chief operating officer. 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 in a statement.