NEW YORK, April 26, 2018 /PRNewswire/ -- Cerberus Capital Management, L.P. ("Cerberus") today announced that one of its affiliates has entered into an agreement to acquire Electrical Components International, Inc. ("ECI") 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. Terms of the transaction, which is subject to customary conditions to closing, were not disclosed.
Headquartered in St. Louis, Missouri with 35 manufacturing facilities around the world, ECI's global platform is a trusted supplier to the world's leading home appliance and specialty-industrial equipment manufacturers. ECI's 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. For more than 60 years, ECI has been providing best-in-class service and exceptional product quality to its global, blue-chip customer base.
"We are excited to partner with David Webster and the rest of ECI's talented management team," said Michael Sanford, Co-Head of North American Private Equity and Senior Managing Director of Cerberus. "ECI is a proven, global leader supplying a diverse range of industries, and we see significant organic and inorganic growth potential. Our industry-leading operations team will collaborate with ECI to drive long-term value for all of its stakeholders."
"In Cerberus, we are proud to find a partner with substantial resources and capital that will help ECI advance its strategic, financial, and operational imperatives," said David Webster, Chief Executive Officer of ECI. "Cerberus shares our commitment to culture and operational excellence, which enables us to continue to invest in our people, products, systems, and manufacturing operations. With Cerberus's expertise, we will continue to refine and execute our core strategy and expand into new markets from a position of strength."
Debevoise & Plimpton LLP is acting as legal advisor to Cerberus. Credit Suisse, Goldman Sachs, and Royal Bank of Canada are acting as financial advisors to Cerberus. Barclays, Credit Suisse, Goldman Sachs, and Royal Bank of Canada are providing committed financing for the transaction.
About Cerberus Capital Management, L.P.
Established in 1992, Cerberus Capital Management, L.P. is a global leader in alternative investing with approximately $34 billion under management across complementary private equity, credit, and real estate strategies. From its headquarters in New York City and network of affiliate and advisory offices in the United States, Europe, and Asia, Cerberus has the on-the-ground presence to invest in multiple asset classes globally.
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.
SOURCE Cerberus Capital Management, L.P.