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GE Capital, BofA Among Lenders in KPS Capital’s Acquisition of ECI

April 11, 2014, 07:37 AM
Filed Under: Manufacturing

KPS Capital Partners, LP ("KPS") announced that, through a newly formed affiliate, it has entered into definitive agreements to acquire Electrical Components International, Inc. and its affiliates ("ECI" or the "Company").  Financial terms of the transaction were not disclosed. Financing for the transaction will be provided by a syndicate of banks and institutional investors with BofA Merrill Lynch, GE Capital Markets, Inc. and Fifth Third Bank acting as Lead Arrangers.

ECI is the world's leading manufacturer of wire harnesses and value-added assembly services for consumer appliance and specialty-industrial applications.  ECI has successfully served its global, blue-chip customer base of market-leading appliance and specialty-industrial original equipment manufacturers for over 60 years.  The company is headquartered in St. Louis, Missouri and employs over 12,000 people worldwide, with 12 manufacturing facilities located in Canada, China, Mexico, Morocco, Poland and Spain in addition to 14 distribution centers and sales and engineering offices.

Raquel Palmer, a Partner of KPS, said, "We are very excited to acquire Electrical Components International.  ECI is a critical supplier to the leading companies in the consumer appliance, commercial appliance, HVAC, specialty transportation, construction and agriculture, auto and commercial electronics industries and is a market share leader in North America and Europe, with a growing presence in Asia and South America.  The company has an industry-leading reputation for quality, service and product development, with a strategic global manufacturing footprint.  We intend to aggressively grow the ECI platform both organically and through acquisitions by continuing to support ECI's strength in North America and Europe and providing additional capital to pursue growth initiatives in key emerging markets such as South America and Asia."

ECI was founded in the 1950s and is headquartered in St. Louis, Missouri with 12 manufacturing facilities, 14 distribution centers and sales and engineering offices located in North America, South America, Asia, Europe and Africa. 

KPS is the manager of the KPS Special Situations Funds, a family of investment funds with over $6.0 billion of assets under management.

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