FOR IMMEDIATE RELEASE – FEBRUARY 23, 2026

Shorehill Capital LLC (“Shorehill”) announced today the sale of Functional Devices, Inc. (the “Company” or “FDI”) to L Squared Capital Partners LLC (“L Squared”). L Squared completed the transaction in partnership with FDI’s management team.

Functional Devices, Inc. is a leading designer and US-based manufacturer of electronic devices for the building automation industry, anchored by its flagship RIB® (Relay in a Box®) brand. The Company specializes in “ready-to-use” solutions, including relays, current sensors, and power supplies. These products simplify installation and reduce field labor for HVAC and lighting control systems. Based in Sharpsville, Indiana, the Company ensures peak reliability through 100% on-site testing, maintaining a world-class field failure rate of less than 1 in 16,000.

Shorehill acquired a majority ownership interest in the Company in early 2019. The investment represented the Shorehill team’s third investment in the building automation controls sector. Over the ensuing seven years, Shorehill and FDI invested in their leadership team across finance, sales and marketing, and operations, accelerated new product development, and positioned the business as a critical participant in the dynamic building automation industry.

Dave Hawkins, Managing Partner at Shorehill and Chairman of FDI, said “The Company has a remarkable 50-year legacy of innovation and growth. Working with the team at FDI over the past seven years has been incredibly rewarding as they accelerated innovation, improved operational performance, and cultivated an outstanding culture all while delivering a superior customer experience. I am excited to see the Company flourish in the years ahead with their new partner.”

“Partnering with Shorehill has transformed our business, elevated our leadership team, and expanded opportunities for employees throughout the organization,” said Mark Fernandes, CEO of FDI. “We are appreciative of the strategy Shorehill helped build. They brought a customized approach to value creation along with the resources and industry network that allowed us to scale our operations while staying true to our core values. Shorehill’s support has enabled us to invest in our people, grow our capabilities, and build a strong foundation for the future.”

Harris Williams acted as financial advisor and Katten Muchin Rosenman LLP served as legal advisor to FDI and Shorehill in the transaction. Terms of the transaction were not disclosed.

About Functional Devices, Inc.

Functional Devices, Inc. has been designing and manufacturing quality electronic devices in the United States of America since 1969. They are best known for their RIB® brand which serves the building automation, lighting, electrical, fire & safety, and HVAC markets. The Company’s goal is to provide durable, high quality, easy-to-use products, tested for performance and supported by world-class sales and engineering experts, to ensure customers have the most reliable and economic solution. To learn more about FDI, visit www.FunctionalDevices.com.

About Shorehill Capital LLC

Shorehill Capital LLC is a Chicago-based private equity firm with a passion for helping to create superior companies. Shorehill is focused on making control equity investments from its committed $260 million fund in North American engineered industrial products, industrial services, and value-added distribution companies with enterprise values ranging from $20 million to $150 million, and add-ons of any size. Shorehill seeks opportunities with differentiated business models where its experience, network, and investment management approach can have a significant impact on the performance of the business. For more than 30 years Shorehill’s partners have worked with middle market business leaders to accelerate growth and improve operational performance through structured investment management plans. For additional information, please visit www.ShorehillCapital.com.