Electrical and engineered components supplier Electrical Components International has been sold by its private equity owner to a U.K. firm in a deal valued at $1.9 billion.
Cerberus Capital Management announced the sale to Rosebank Industries on Thursday.
Cerberus acquired St. Louis-based ECI in 2018 and, officials said, shifted the company from a manufacturer of home appliance harnesses to a “diversified global industrial technology platform.” ECI acquired nine businesses under Cerebrus’ ownership and today operates a network of 39 manufacturing facilities.
"ECI's leadership today reflects the exceptional talent of our team and our great partnership with Cerberus," Mike Balsei, who was named CEO of ECI in 2020, said in a statement. "We've expanded into strategic markets, strengthened our operations for efficiency and scale, and deepened our technical and engineering capabilities, further setting ECI apart in the industry.”
Balsei said that ECI officials “look forward to building on our momentum with Rosebank in the years ahead."
Rosebank, based in London, says it acquires business that its directors believe could be improved under a “Buy, Improve, Sell” strategy. Simon Peckham, its CEO, called the ECI deal an “exciting first step in Rosebank's journey.”
"We are already underway with our plans,” Peckham said in a statement. “ECI's strong H1 performance, which included a record adjusting operating margin for the business, shows its underlying potential."
