NEW YORK, NY -- KPS Capital Partners, LP ("KPS") announced today that its portfolio company Electrical Components International, Inc. ("ECI") has entered into a definitive agreement to acquire Whitepath Fab Tech, Inc. Financial terms of the transaction were not disclosed.
ECI is the world's leading manufacturer of wire harnesses and value-added assembly services for consumer appliance and specialty-industrial applications. ECI has over 850 customers globally and its products can be found in a wide variety of electronic and electro-mechanical applications, including home appliances, agriculture and construction, heating, ventilation and air conditioning (HVAC), specialty transportation, automotive, commercial appliance, and commercial electronics. ECI has 13 manufacturing facilities in seven countries with approximately 15,000 associates worldwide. KPS acquired ECI in May 2014.
Whitepath is a leading North American supplier of control boxes, wire harnesses, and value added assembly services to the HVAC industry. The Company has long standing relationships with the leading commercial HVAC OEMs. Whitepath manufactures the control box as well as the wire harnesses used within the control boxes it assembles. Whitepath has a unique system and process enabling it to manufacture over one million possible control box permutations with short lead times. The Company operates five manufacturing facilities, four located in Georgia and one located in Saltillo, Mexico and employs approximately 260 associates.
Completion of the transaction is expected in May 2016.
Paul, Weiss, Rifkind, Wharton and Garrison LLP is serving as legal counsel to KPS and ECI and its affiliates. Financing for the transaction will be provided by a syndicate of banks and institutional investors with BofA Merrill Lynch acting as Lead Arranger.
For more information, please visit
http://www.ecintl.com
https://www.whitepath.com
http://www.kpsfund.com