Electrical Components International (ECI) Acquires Rochester Industrial Control (RIC)

Electrical Components International (ECI) Acquires Rochester Industrial Control (RIC)

ST. LOUIS, MO and ONTARIO, NY – August 10, 2021 – Electrical Components International, Inc. (“ECI”), a leading global supplier of wire harnesses, electrical components, and sub-assemblies for the diversified industrial markets, today announced the acquisition of Rochester Industrial Control, Inc. (“RIC”) from its co-owners Tony Mastrodonato and Sam Messina.

Founded in 1967, RIC is a manufacturer of high-voltage wire harnesses, cables, and electromechanical assemblies for the commercial electric vehicle, oil and gas, and medical markets. With its custom, engineered solutions, RIC is a leading provider of high-voltage cables to customers in the North American transit bus industry. The company will continue to be led by its current management team and operate from its two facilities located in Ontario, New York. 

“Electrification is transforming the transportation industry and RIC has become a trusted partner in the commercial electric vehicle space,” said Mike Balsei, Chief Executive Officer of ECI. “We will be able to bring ECI’s scale and resources to help RIC capture the significant market opportunities for its leading platform. This transaction, together with our recent acquisition of Promark Electronics, further expands ECI’s position as the high-voltage harness supplier of choice in high-value, high-growth markets.”

Mr. Mastrodonato and Mr. Messina commented: “This milestone is a testament to the strength of RIC’s platform and the talent of our team. ECI is the ideal partner to support RIC in its next phase of growth, helping to build upon its market-leading offerings and deliver even greater value to customers. We are incredibly proud of all that our team has accomplished over the past decade and look forward to watching RIC’s continued success as part of the ECI family.”

Electrical Components International Acquires Promark Electronics Inc.

Electrical Components International Acquires Promark Electronics Inc.

ST. LOUIS, MO. and MONTREAL – July 6, 2021 – Electrical Components International, Inc. (“ECI”), a leading global supplier of wire harnesses, electrical components, and sub-assemblies for diversified industrial markets, today announced the acquisition of Promark Electronics Inc. (“Promark Electronics”).

Founded in 1987 by Syd Knecht, Promark Electronics is a manufacturer of wire harnesses and cable and electromechanical assemblies utilized by commercial electric vehicles and other technically-complex, mission-critical products. With the growing demand for commercial electric vehicles, Promark Electronics has developed high-voltage cable and assemblies as part of its ProEV™platform, which has made it a trusted partner to leading commercial electric vehicle manufacturers. The company will continue and expand its manufacturing operations in its Montreal, Quebec, Canada facilities.

“We are excited to partner with Promark Electronics and establish ECI as the high-voltage harness supplier of choice in high-value, high-growth markets,” said Mike Balsei, Chief Executive Officer of ECI. “With ECI’s global scale and Promark Electronics’ proprietary solutions, we will be able to help manufacturers meet the increasing demand for commercial electric vehicles as well as in adjacent e-mobility verticals.”

The Knecht Family will continue to lead the Promark Electronics team. In a joint statement, Jarred, Brandon, and Robert Knecht commented: “We are incredibly proud of the business and reputation that our family has built over the past three decades. We are thrilled to have found an industry-leading partner to help us further accelerate our growth, particularly in the e-mobility space. We are excited to join the ECI family, deepen our customer relationships, and continue our long track record of innovation and excellence.”

ECI is a portfolio company of Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing. Earlier this year, ECI acquired Omni Connection International, a manufacturer of wire harnesses and connection systems for leading tier one automotive suppliers.

Michael Sanford, Senior Managing Director at Cerberus, added: “Promark Electronics adds a highly complementary platform serving a rapidly growing market. We remain excited about the strategic opportunities for ECI and look forward to supporting the business’ continued growth.”

Barclays served as financial advisor and Blake, Cassels & Graydon LLP and Debevoise & Plimpton LLP served as legal counsel to ECI and Cerberus. Lincoln International LLC, Crowe BGK, and EY served as financial advisors to Promark Electronics and Osler, Hoskin & Harcourt LLP acted as legal counsel.

Electrical Components International Acquires Omni Connection International

Electrical Components International Acquires Omni Connection International

ST. LOUIS, MO. & CORONA, CALIF. – May 25, 2021 – Electrical Components International, Inc. (“ECI”), a leading global supplier of wire harnesses, electrical components, and sub-assemblies for the diversified industrial markets, today announced the acquisition of Omni Connection International (“Omni”).

Omni manufactures wire harnesses and connection systems for leading tier one automotive suppliers and is well-positioned to benefit from the long-term growth expected with automotive Advanced Driver-Assistance Systems (“ADAS”). Family-owned and managed since its founding in 1991, the company provides high-quality wire harness solutions for applications including smart mirrors, cameras, lamps, and other peripheral electronics. Omni is supported by 1,300 team members across the globe with facilities in the United States, China, and the Philippines. 

“We are excited to welcome Omni and its talented team to the ECI family,” said Michael Balsei, Chief Executive Officer of ECI. “With its leading electrical architecture solutions and strong engineering capabilities, the company has established longstanding relationships with tier one automotive suppliers. The prevalence of automotive electronic components and the shift to advanced safety will drive continued demand for Omni’s innovative products. By bringing together ECI’s and Omni’s complementary platforms, we will be able to capture significant growth opportunities in this strategic end market.”  

Henry Cheng, Founder and Chief Executive Officer of Omni, commented: “Omni has been a trusted partner to premier automotive suppliers for nearly three decades by maintaining a commitment to quality, delivery, and price. ECI is a world-class organization, and we are thrilled to have their full backing in our next phase of growth. With ECI’s scale, resources, and leadership, we will be even better positioned to serve our customers, while expanding our global reach.”

ECI is a portfolio company of Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing. Michael Sanford, Senior Managing Director at Cerberus, added: “Omni is a great strategic fit for ECI. The combination adds complementary capabilities in a market with strong secular trends driven by advanced safety system requirements, while expanding ECI’s manufacturing footprint to support its long-term growth. We look forward to the many opportunities this transaction will provide for both companies.”

Barclays served as financial advisor and Debevoise & Plimpton LLP served as legal counsel to ECI and Cerberus. Deloitte Corporate Finance LLC served as financial advisor to Omni and Stradling Yocca Carlson & Rauth acted as legal counsel.

About ECI

Founded in 1953, Electrical Components International, Inc. (ECI) is one of the world’s leading wire harness, electrical components, and sub-assembly suppliers for the diversified industrial markets. With nearly 22,000 employees in 31 facilities spanning eight countries and four continents, ECI’s “blue-chip” customer base includes many firms in the Fortune 500 across the appliance, HVAC, construction, agriculture, transportation, and critical infrastructure sectors. For more information about ECI, visit www.ecintl.com.

About Omni

With 30 years of experience in the North American automotive industry, Omni Connection International specializes in wire harnesses for automotive and electronic applications, including interior and exterior mirrors, as well as cameras, lamps, and other peripheral electronics. Omni delivers quality products through its relentless focus on quality and the needs of tier one auto suppliers to large OEMs, supported by a strong, U.S.-based logistics system to ensure on-time delivery. For more information, visit www.omni-conn.com.

About Cerberus

Founded in 1992, Cerberus is a global leader in alternative investing with over $55 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 across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.

Contacts

ECI
Julie Mottershead
julie.mottershead@ecintl.com
(314) 261-7774

Cerberus
Brooke Jaye / Akash Lodh
Sard Verbinnen & Co.
(914) 715-3247 / (202) 758-4263
Cerberus-SVC@sardverb.com

Electrical Components International Appoints Michael A. Balsei as Chief Executive Officer

Electrical Components International Appoints Michael A. Balsei as Chief Executive Officer

ST. LOUIS, MO. – JULY 15, 2020 – Electrical Components International, Inc. (“ECI”), a leading global supplier of wire harnesses, electrical components, and sub-assemblies for the diversified industrial markets, today announced that Michael A. Balsei has been appointed as Chief Executive Officer, effective immediately. He succeeds Douglas J. Grimm, Chairman of the Board, who had been serving as Interim Chief Executive Officer.

Mr. Balsei has an extensive track record of leading global businesses in the electrical distribution systems, automotive, and advanced materials sectors. He most recently led the Electrical Business Unit of Lear Corporation, a manufacturer of automotive seating and electrical systems. He led all aspects of the segment, which spanned 53 manufacturing plants across 25 countries with more than 65,000 employees. Previously, Mr. Balsei was at Delphi Automotive Plc, now trading as Aptiv plc, for over 17 years, most recently as President of the Electrical & Electronic Distribution Systems division where he was responsible for a team of 110,000 employees in 30 countries. He started his career at General Motors in 1989 and served in various engineering and managerial roles for over 10 years.

“We are delighted to welcome Mike to ECI and look forward to the company’s next chapter of growth under his leadership,” said Mr. Grimm. “Mike has an outstanding combination of critical sector experience and expertise. The Board is confident that he is the ideal candidate to continue growing ECI while delivering on its high-quality customer service promise.”

Commenting on his appointment, Mr. Balsei said, “I am thrilled to be joining ECI at this pivotal time and look forward to working with my new colleagues as we continue providing our customers with world-class products. ECI is a strong business that is well-positioned to continue identifying and capturing opportunities to expand its market leadership, and I am confident we will sustain the momentum built over the last several years. I thank the Board for its confidence in me as I assume this new role.”