Private equity firm KPS Capital Partners LP is buying Electrical Components International Inc. for an undisclosed amount.
Electrical Components manufactures wire harnesses and assembly products for consumer appliance and specialty industrial uses. The St. Louis, Mo.-based company operates 12 manufacturing facilities in Canada, China, Mexico, Morocco, Poland and Spain.
"The Company has an industry-leading reputation for quality, service and product development, with a strategic global manufacturing footprint. We intend to aggressively grow the ECI platform both organically and through acquisitions," says Raquel Palmer, KPS partner. KPS plans to grow the company in emerging markets in South America and Asia.
KPS, headquartered in New York, manages about $6 billion in assets. In November, the firm's portfolio company Heritage Home Group bought bankrupt Furniture Brands International's assets. Last May, the firm combined the specialty paper businesses of Wausau Paper Corp. and Packaging Dynamics Corp.
Paul Weiss Rifkind Wharton and Garrison LLP provided legal advice to KPS. A syndicate of banks will provide financing for the deal, led by Bank of America Merrill Lynch, GE Capital Markets Inc. and Fifth Third Bank as lead arrangers.