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
