Permira Funds to sell Intelligrated to Honeywell for US$1.5 Billion
1st July 2016
Permira, the global investment firm, announced today that a company backed by the Permira funds has entered into a definitive agreement to sell Intelligrated, a leading North American-based advanced fulfillment solutions provider, to Honeywell in an all-cash transaction for US$1.5 billion.
Since being acquired by the Permira funds in 2012, Intelligrated has undergone a period of tremendous growth, which included:
- Increasing its revenue by more than 90%;
- Winning several major new customers, including UPS, Amazon, USPS, Nordstrom, Walgreens and Tesla, which has helped drive a 300% growth in the Company’s sales pipeline;
- More than tripling R&D investment in new systems and capabilities, including an automated storage/retrieval system (AS/RS), a full parcel solution to compete in the high-growth global parcel market, and robotic solutions;
- Significantly enhancing software capabilities and aftermarket services;
- Strengthening the management team with key hires in software, aftermarket and sales;
- Making three acquisitions to increase its software and parcel capabilities; and
- Expanding its geographic reach into Brazil, China and Mexico, which are deep consumer markets still in the early days of e-commerce growth.
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