Cerberus Capital Management has sold Electrical Components International (ECI) to Rosebank Industries PLC in a deal valued at $1.9 billion.
ECI supplies electrical distribution systems, control box assemblies and other engineered components to about 500 customers worldwide. The St. Louis-based company operates thirty-nine manufacturing facilities and employs 20,000 people across industrial technology, transportation, HVAC, and appliance markets.
Cerberus bought ECI in 2018 and expanded it through nine acquisitions, shifting the company from a North American appliance wiring supplier into a global industrial technology platform. CEO Mike Balsei, appointed in 2020, led the diversification push and operational changes that improved margins.
“We transformed the company into a diversified industrial technology platform by entering new markets and broadening its offerings,” said Mike Sanford, global head of private equity at Cerberus.
Balsei said ECI would continue to expand with Rosebank’s backing.
Debevoise & Plimpton served as legal counsel to Cerberus and ECI. Financial advisors were Goldman Sachs, Rothschild & Co, and Guggenheim Securities.
Cerberus, founded in 1992, manages about $65 billion in assets. ECI, founded in 1953, is one of the world’s largest suppliers of complex electrical distribution systems.
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