Investment firm, Cerberus Capital Management, has completed the sale of Electrical Components International to Rosebank Industries PLC in a transaction valued at approximately $US1.9 billion.
Today, ECI is one of the world's leading suppliers of complex electrical distribution systems, control box assemblies, and other critical engineered components, serving approximately 500 customers globally.
With its network of 39 manufacturing facilities and advanced engineering and technical capabilities, ECI has become the supplier of choice across industrial technology, specialty transportation, HVAC, and appliances end markets.
Cerberus acquired ECI in 2018 and over the next seven years, partnered with the company in its transformation from a primarily North American home appliance harness manufacturer into a diversified global industrial technology platform.
With a market-leading leadership team, including Mike Balsei joining as CEO in 2020, ECI expanded into high-growth and high-value market segments through a mix of organic and acquisition-driven growth.
The company successfully completed and integrated nine strategic acquisitions.
In addition, ECI executed on a number of operational initiatives throughout core business functions, which drove substantial margin enhancement and deepened relationships across its diverse blue-chip customer base.
"It has been a tremendous journey with ECI and its team over the past seven years," according to Mike Sanford, global head of private equity at Cerberus.
"Together, we transformed the company into a diversified industrial technology platform by entering new markets, both organically and through acquisitions, and broadening its offerings.”
Balsei said the company has expanded into strategic markets, strengthened its operations for efficiency and scale, and deepened its technical and engineering capabilities, further setting ECI apart in the industry.