Cerberus Capital Management LP has closed its previously announced acquisition of St. Louis, Missouri-based Electrical Components International, a maker of wire harnesses, control boxes and assembly services for consumer appliance and specialty-industrial applications. The seller was KPS Capital Partners LP.
NEW YORK, June 27, 2018 /PRNewswire/ — Cerberus Capital Management, L.P. (“Cerberus”) today announced the completion of the previously announced acquisition of Electrical Components International, Inc. (“ECI”) by a Cerberus affiliate from affiliates of KPS Capital Partners, LP.
ECI is the world’s leading manufacturer of wire harnesses, control boxes, and value-added assembly services for consumer appliance and specialty-industrial applications. ECI’s global platform extends from its headquarters in St. Louis, Missouri across 35 manufacturing facilities around the world, offering the footprint and scale to provide best-in-class service and exceptional product quality to its global, blue-chip customer base.
Michael Sanford, Co-Head of North American Private Equity and Senior Managing Director of Cerberus, said: “Over the past six decades, ECI has established itself as a trusted global partner and supplier to the world’s leading home appliance and specialty-industrial equipment manufacturers. We are excited to work hand-in-hand with ECI’s talented management team to build upon that legacy of success and capture additional opportunities for growth.”
David Webster, Chief Executive Officer of ECI, said: “With this partnership, Cerberus provides ECI with the resources we need to invest in organic and inorganic growth as well as operating expertise to advance our strategic vision for the company. Cerberus shares our ‘Service is Everything’ commitment to our employees, customers, and communities. We look forward to combining forces with Cerberus’s world-class organization to further strengthen our best-in-class global operations and drive value for all of our stakeholders.”
Founded in 1992, Cerberus is a global leader in alternative investing with approximately $34 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively and across market environments to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.
ECI was founded in the 1950s and is headquartered in St. Louis, Missouri with 35 production facilities and 4 distribution centers and sales and engineering offices located in North America, South America, Asia, Europe, and Africa. ECI is the leading global manufacturer and marketer of wire harnesses and provider of value-added assembly services for the home appliance industry and is a leading provider of wire harnesses to a diverse range of end-markets. ECI has over 500 customers globally and its products can be found in a wide variety of electronic and electro-mechanical applications, including home appliances, agriculture and construction, heating, ventilation and air conditioning (HVAC), specialty transportation, automotive, commercial appliance, and commercial electronics. ECI has approximately 20,000 employees worldwide.