Back to news

July 6, 2021 | Local, Aerospace, Naval, Land, C4ISR, Security

Electrical Components International Acquires Promark Electronics

July 06, 2021 08:00 AM Eastern Daylight Time

ST. LOUIS & MONTREAL--(BUSINESS WIRE)--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.

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 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 Promark Electronics

Founded in 1987 by Syd Knecht and headquartered in Montreal, Quebec, Canada, Promark Electronics is a state-of-the-art electronics manufacturer, serving OEMs in industries with complex production processes and applications, including e-mobility, industrial technology, medical, mining, aerospace, space, and defense industries. For more information, visit www.PMK.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
Akash Lodh
Sard Verbinnen & Co.
Cerberus-SVC@sardverb.com
(202) 758-4263

On the same subject

  • Harris Corporation Awarded $51 Million Delivery Order to Provide Leading-Edge Tactical Communications Equipment to Central European Nation

    June 13, 2019 | Local, Other Defence

    Harris Corporation Awarded $51 Million Delivery Order to Provide Leading-Edge Tactical Communications Equipment to Central European Nation

    ROCHESTER, N.Y.--(BUSINESS WIRE)--Harris Corporation (NYSE:HRS) has been awarded a $51 million Foreign Military Sales delivery order to provide Falcon III® radios to a Central European nation – delivering advanced narrowband and wideband networking capabilities and offering greater interoperability with U.S. and NATO allies for coalition operations. Under the award, Harris will provide Falcon III® AN/PRC-158, AN/PRC-160, AN/PRC-152A and AN/PRC-117G manpack and handheld radios as part of the country's modernization program. Key radios features include: AN/PRC-158 multi-channel manpack: features a two-channel, software-defined architecture with integrated cross-banding between waveforms, providing new advanced capabilities while maintaining backward interoperability with legacy radios. AN/PRC-160 wideband HF/VHF manpack radio: the only stand-alone solution that, in the absence of satellite communications, provides long-range communications at data speeds up to 10 times greater than any existing high frequency radio. AN/PRC-152A multiband handheld: a wideband networking handheld radio that provides simultaneous voice, video and data in a small form-factor, with mobile ad-hoc networking capabilities. Harris has delivered more than 45,000 AN/PRC-152A radios worldwide. AN/PRC-117G manpack: a combat proven, software-defined radio that is easily upgradeable with new waveforms, such as MUOS; also is NINE Suite B encrypted, allowing users to securely and easily interoperate with U.S., NATO and regional partners. More than 50,000 AN/PRC-117G radios have been delivered to customers around the world. “Our customer requires advanced, highly secure communication networks that provide interoperability with their NATO partners,” said Christopher Aebli, vice president and general manager, International Tactical Communications. “These modern, software defined radios meet our customer's current requirements and are upgradeable to address future evolving needs.” About Harris Corporation Harris Corporation is a leading technology innovator, solving customers' toughest mission-critical challenges by providing solutions that connect, inform and protect. Harris supports government and commercial customers in more than 100 countries and has approximately $6 billion in annual revenue. The company is organized into three business segments: Communication Systems, Electronic Systems and Space and Intelligence Systems. Learn more at harris.com. Forward-Looking Statements This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about the value or expected value of orders, contracts or programs and about technology capabilities are forward-looking and involve risks and uncertainties. Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. https://www.businesswire.com/news/home/20190612005516/en/

  • CSC Home Team Celebrates Canadian Industry Success

    February 11, 2019 | Local, Naval

    CSC Home Team Celebrates Canadian Industry Success

    Canada's Combat Ship Team awarded contract for Canadian Surface Combatant OTTAWA, Ontario, Feb. 8, 2019 /PRNewswire/ -- Canadian technology, experience and infrastructure proved a winning combination for Canada's new fleet of surface combatants, as Canada's Combat Ship Team has been awarded the Canadian Surface Combatant design contract by Irving Shipbuilding. Irving Shipbuilding is the Canadian Surface Combatant prime contractor and will build all 15 ships at Halifax Shipyard. BAE Systems, CAE, Lockheed Martin Canada, L3 Technologies, MDA and Ultra Electronics partnered as Canada's Combat Ship Team to offer the Royal Canadian Navy the most advanced and modern warship design, the Type 26 Global Combat Ship, with high-tech platform innovations from prominent Canadian companies. The solution includes the internationally renowned and Canadian-developed combat management system, CMS 330. Bringing together a pan-Canadian team, the six companies have a uniquely skilled workforce and supply chain that are ready to begin work on the program today. Canada's Combat Ship team employs a combined 9,000 Canadians in 40 facilities from coast to coast and engages a Canadian supply chain of more than 4,000 small and medium sized enterprises. The team also secured several additional partners, including Rolls-Royce with its Canadian-designed and manufactured Mission Bay Handling System that will enable adaptability for the ships' operations. The Type 26 Global Combat Ship is a globally deployable multi-role warship that meets the distinctive mission requirements of the Royal Canadian Navy. It is enhanced with the team's collective Canadian naval expertise in combat system design, integration, training, logistics and program management. Purposely designed for high-end anti-submarine warfare and capable of performing a variety of missions around the world, the Type 26 is acoustically quiet, versatile, highly survivable, and allows for significant growth margins for future modernization. Canada's Combat Ship Team will deliver lasting economic benefits to Canadian industry through $17 billion in value proposition commitments in innovation across Canada's priority areas, including $2 billion in supplier development, $2 billionin research and development, and $200 million in advanced manufacturing. All of this contributes to a strong Canadian team - Canada's Home Team - ready to begin work on day one as promised. Quotes "We are delighted to be part of Canada's Combat Ship Team that has been awarded the Canadian Surface Combatant design contract. We believe that the Type 26 Global Combat Ship is the right solution for Canada, combining Canada's trusted Combat Management System with the world's most advanced warship design and bringing together a pan-Canadian team with a proven track record and current capability to perform complex defence projects." Anne Healey, General Manager - Canada, BAE Systems "As one of Canada's largest defence companies, we are proud to be part of this pan-Canadian team selected for the Canadian Surface Combatant program. We look forward to working closely with the Government of Canada, Irving Shipbuilding and the entire team to develop and deliver world-class capability that prepares the men and women of the Royal Canadian Navy for mission success." Joe Armstrong, Vice President and General Manager - Canada, CAE "This award is true validation of our Canadian capability. Our team is honoured, knowing that we offered the right solution for Canada and a proven ability to perform on complex defence programs. Lockheed Martin Canada is ready to continue serving as Canada's trusted Combat System Integrator, as it has for more than three decades, leveraging the innovation and talent here at home that will ultimately result in unprecedented economic outcome for Canada." Gary Fudge, Vice President and General Manager, Lockheed Martin Canada Rotary and Mission Systems "With over 2,200 Canadians working at L3 Technologies, we stand ready to deliver the latest EO/IR sensors, Integrated Platform Management, Integrated Communications and Torpedo Handling systems for the Canadian Surface Combatant. With proven capability on existing Canadian ships, L3 Technologies is proud to be on the team that will deliver the world leading performance expected by the Royal Canadian Navy." Rich Foster, Vice President, L3 Technologies Canada "As one of Canada's leading space and defence companies, MDA's participation in this project validates our expertise in electronics, antennas, signal processing, system engineering and mission software capabilities. In addition to providing world-class operational CSC capability to the Canadian Armed Forces, this project will be a catalyst for exporting more of our technology to the global naval market." Mike Greenley, Group President, MDA "As the underwater warfare lead on the CSC Home Team we are bringing to bear our considerable depth of anti-submarine warfare experience and capability, ensuring Canada's new ships will provide an enduring operational advantage to the Royal Canadian Navy. This work will generate high-tech jobs in Nova Scotia for sonar design and manufacturing and add to our existing significant export capability." Bernard Mills, President, Ultra Electronics Maritime Systems "Our experience and world-leading capability as providers of integrated power and propulsion solutions will deliver these warships with exceptional power through-life and the superb acoustic performance essential to anti-submarine warfare operations. Our Canadian-designed and manufactured Mission Bay Handling System will allow the essential flexibility and adaptability for future operations." Bruce Lennie, Vice President Business Development & Government Affairs, Rolls-Royce Canada About BAE Systems BAE Systems is a world leading shipbuilding, support and maintenance company with the skills and expertise to design, build, integrate, test, commission and support complex warships. BAE Systems has a strong track record of collaboration with customers and industrial partners worldwide to share technology and skills – helping countries grow their naval and industrial capabilities. Canadian industry is already integral to the Type 26 Global Combat Ship program. BAE Systems has operated in Canada for over 100 years partnering over a recent period with over 240 Canadian companies. BAE is active across Canada with equipment including Hawk trainer jets, Submarines, cyber security, Hybrid drive busses, and naval guns. About CAE As a globally-recognized training systems integrator, CAE is committed to providing defence and security forces world-class training centres, training services, and a comprehensive portfolio of training solutions. CAE is headquartered in Canada and has employees in 15 locations across the country. About Lockheed Martin Canada Lockheed Martin Canada has been Canada's trusted defence partner for nearly 80 years and has a proud legacy of providing innovative naval systems and sustainment solutions for Canada and abroad. For more than three decades, Lockheed Martin Canada has demonstrated its capability and commitment to the Royal Canadian Navy as the Prime Contractor and Combat System Integrator for the HALIFAX Class Frigates. The company employs approximately 1,000 employees at major facilities in Ottawa, Montreal, Halifax, Calgary, and Victoria, working on a wide range of major programs spanning the aerospace, defence and commercial sectors. About L3 Technologies A leading provider of communication, electronic and sensor systems used on military, homeland security and commercial platforms, L3 Technologies is also a prime contractor in aerospace systems, security and detection systems, and pilot training. With over 50 years of business operations in Canada, L3 has a strong Canadian presence with L3 MAPPS, L3 MAS, L3 Communication Systems Canada and L3 WESCAM that each have experience working on technologies and projects for the Royal Canadian Navy. About MDA MDA is an internationally recognized leader in space robotics, space sensors, satellite payloads, antennas and subsystems, surveillance and intelligence systems, defence and maritime systems, and geospatial radar imagery. MDA's extensive space expertise and heritage translates into mission-critical defence and commercial applications that include multi-platform command, control and surveillance systems, aeronautical information systems, land administration systems and terrestrial robotics. MDA is also a leading supplier of actionable mission-critical information and insights derived from multiple data sources. Founded in 1969, MDA is recognized as one of Canada's most successful technology ventures with locations in Richmond, Ottawa, Brampton, Montreal, Halifax and the United Kingdom. MDA has supported the Royal Canadian Navy for over two decades. About Ultra Electronics Based in Dartmouth, Nova Scotia, Ultra Electronics is a part of the Ultra Electronics Group, an international defense and aerospace company. Ultra Electronics has been delivering world-leading underwater warfare solutions to the defense market for 70 years. Ultra Electronics has been highly successful in transforming its research investment into the technologically-advanced underwater battlespace sensor systems that it delivers to both Royal Canadian Navy and internationally. Today, Ultra Electronics is recognized worldwide for its expertise in hull mounted sonar, towed active and passive arrays, sonar sensors, and underwater acoustics. About Rolls-Royce Rolls-Royce pioneers cutting edge technology to provide highly-efficient integrated power and propulsion solutions. Rolls-Royce has been established in Canada for over 70 years and today employs over 1500 Canadians at eight locations across six provinces. Rolls-Royce plays an active role in many of the world's major defence programs offering advanced system solutions to navies and coastguards. SOURCE Lockheed Martin https://news.lockheedmartin.com/2019-02-08-CSC-Home-Team-Celebrates-Canadian-Industry-Success

  • $1 billion and counting: Inside Canada's troubled efforts to build new warships

    February 25, 2020 | Local, Naval

    $1 billion and counting: Inside Canada's troubled efforts to build new warships

    Federal government tables figures showing what it's spent on the projects to date Murray Brewster The federal government has spent slightly more than $1.01 billion over the last seven years on design and preparatory contracts for the navy's new frigates and supply ships — and the projects still haven't bought anything that floats. The figures, tabled recently in Parliament, represent the first comprehensive snapshot of what has been spent thus far on the frequently-delayed project to build replacement warships. It's an enormous amount of money for two programs that have been operating for more than a decade with little to show for their efforts to date. It will be years before the Canadian Surface Combatant project — which aims to replace the navy's frontline frigates with 15 state-of-the-art vessels — and the Joint Support Ship program for two replenishment vessels actually deliver warships. The numbers and details for each advance contract were produced in the House of Commons in response to written questions from the Conservative opposition. The money was divided almost evenly between the federal government's two go-to shipyards: Irving Shipbuilding in Halifax, the prime contractor for the new frigates, and Seaspan of Vancouver, the builder of the supply ships. The breakdown raises critical questions about at least one of the programs, said a defence analyst, but it also shines a light on promises made by both Liberal and Conservative governments to keep spending under control for both of these projects — which could end up costing more than $64 billion. "I think there should be a level of concern [among the public] about whether or not what's being delivered in practice is what was advertised at the outset," said Dave Perry, a procurement expert and vice president of the Canadian Global Affairs Institute. A design still in flux Most of his concerns revolve around the new support ships, which the Liberal government says are in the process of being built now. The written responses, tabled in Parliament, note that the projected cost for the two supply ships — $3.4 billion — remains under review "as the design effort finalizes." Perry said he was astonished to learn that, "seven years and half-a-billion dollars into design work on an off-the-shelf design," the navy doesn't have the support ships, even though "the middle third of the ship is built" — and officials now say "the design effort isn't finished." Usually, he said, ships are designed before they're built. The head of the Department of National Defence's materiel branch said most of the preparatory contracts were needed to re-establish a Canadian shipbuilding industry that had been allowed to wither. 'A lot of patience' "I think we have to look at the totality of everything that's being accomplished under" the national shipbuilding strategy, said Troy Crosby, assistant deputy minister of materiel at DND. "Over that period of time, and with these expenditures, we've built a shipbuilding capability on two coasts, not just through National Defence but also through the coast guard, offshore fisheries science vessels. I understand it has taken a lot of patience, I suppose, and probably some uncertainty, but we're really getting to the point now where we can see delivering these capabilities to the navy." The largest cash outlays involve what's known as definition contracts, which went individually to both shipyards and were in excess of $330 million each. They're meant to cover the supervision of the projects and — more importantly — to help convert pre-existing warship designs purchased by the federal government to Canadian standards. The choices on each project were made at different times by different governments, but ministers serving both Liberal and Conservative governments decided that going with proven, off-the-shelf designs would be faster and less expensive than building from scratch. Now, after all the delays, it's still not clear that choosing off-the-shelf designs has saved any money. "I would be completely speculating on what it would cost to invest to develop the kind of expertise and capacity inside the government, inside National Defence and everybody involved, to be able to do something like that in-house," said Crosby. "The approach we've taken at this point, by basing both the Joint Support Ship and the Canadian Surface Combatant on pre-existing designs, allows us to retire a lot of risk in the way forward." When Crosby talks about "retiring risk," he's talking about the potential for further delays and cost overruns. Among the contracts, Irving Shipbuilding was given $136 million to support the drawing up of the design tender for the new frigates and to pay for the shipbuilding advice Irving was giving the federal government throughout the bidding process. Years ago, the federal government had enough in-house expertise to dispense with private sector guidance — but almost all of that expertise was lost over the past two decades as successive federal governments cut the defence and public works branches that would have done that work. The last time Canada built major warships was in the 1990s, when the current fleet of 12 patrol frigates was inaugurated. The federal government has chosen to base its new warships on the BAE Systems Type-26 design, which has been selected by the Royal Navy and the Royal Australian Navy. The hull and propulsion system on the new frigates will be "largely unchanged" from the British design, but the combat system will be different and uniquely Canadian, said Crosby. The project is still on track to start cutting steel for the new combat ships in 2023. Crosby said he would not speculate on when the navy will take delivery of the first one. Delivery of the joint support ships is expected to be staggered, with the first one due in 2024. There will be a two-year gap between ships, said Crosby, as the navy and the yard work through any technical issues arising with the first ship. If that timeline holds, the first support ship will arrive two decades after it was first proposed and announced by the Liberal government of former prime minister Paul Martin. https://www.cbc.ca/news/politics/frigates-joint-supply-ships-navy-procurement-canada-1.5474312

All news