April 28, 2025
Private Equity Firm Acquires Intermatic From Family Ownership
Above: Intermatic Expanded 4-Pole Lighting Contactor Box, 120 - 600 VAC, 60 Hz, 4PST, Outdoor Metal Enclosure Photo Credit: Intermatic
Known for timers, surge protectors, and lighting controls, Intermatic enters new chapter
After more than a century under family ownership, Intermatic has been sold to private equity firm MPE Partners, ending a 133-year run that began with the company’s founding as the Pratt & Englund Company in 1891. The transaction, announced April 23, moves Intermatic into a fresh chapter, sparking curiosity about how its rich history will influence its future under new private equity ownership.
Terms of the deal were not disclosed.
Intermatic has long been a familiar presence in the lighting and electrical world, particularly among electrical distributors, specifying engineers, and contractors. Known for outdoor lighting controls, mechanical timers, and surge protection devices, the company’s products are staples across commercial, industrial, residential, and municipal markets.
The acquisition by Cleveland- and Boston-based MPE Partners brings a notable shift. While MPE is not a household name in the lighting and electrical sectors, it specializes in investing in profitable, lower middle market companies with EBITDA between $8 million and $40 million. Unlike some private equity firms that focus on turnarounds, MPE’s strategy centers on growing healthy businesses — a detail likely to reassure customers wary of post-acquisition turbulence.
Intermatic President and CEO Rick Boutilier will remain in his role, a move intended to preserve continuity as the company gears up for a new phase of expansion.
Growth Plans on the Horizon
MPE has already added Intermatic to its online portfolio, stating that the company is now "actively seeking add-on acquisitions to expand the product portfolio and geographic reach." MPE's stated goal is to "increase market share, add complementary product categories, and further penetrate the electrical products landscape" — ambitions that signal an active rather than passive ownership approach.
Still, how this strategy will play out remains to be seen. While Intermatic's reputation among electrical distributors and specifiers is strong, scaling a 133-year-old brand without diluting its identity poses a familiar challenge in the private equity playbook.
The acquisition was backed by financing from CIBC US and Manulife Investment Management. Jones Day served as legal counsel to MPE. Intermatic’s side was advised by investment bank Baird.
Broader Industry Context
Intermatic joins several other MPE portfolio companies operating in commercial and industrial sectors. These include Pacific Consolidated Industries, which supplies products for power generation markets; LACO Technologies, a manufacturer of industrial leak detectors; and Mid-States Bolt & Screw, which serves a broad range of industrial customers. While there might be no immediately clear synergy among these holdings, the acquisition highlights MPE’s growing interest in the commercial and industrial ecosystem.
For Intermatic’s longstanding distributors and end users, the immediate message is one of business as usual. The bigger story — how Intermatic’s legacy will evolve under private equity ownership — will unfold in the months and years ahead.
