About the Transaction
Founded in 1967, Rochester Industrial Control, Inc. (“RIC”) (rochesterindustrial.com) is a leading manufacturer of high-voltage wire harnesses, cables, and electromechanical assemblies for the commercial electric vehicle, equipment, oil and gas, and medical end markets. With its custom, engineered solutions, RIC has become a leading provider of high-voltage cables to customers in the North American transit bus industry. The company will continue to be led by its current management team and operate from its two facilities located in Ontario, New York.
The buyer, Cerberus Capital Management, L.P. (“Cerberus”) (cerberus.com), based in New York City, is a global leader in investing with approximately $53 billion in assets across its portfolio that includes private equity, credit and real estate platforms.
Cerberus’ portfolio company, Electrical Components International, Inc. (“ECI”) (ecintl.com), is one of the world’s leading wire harness, electrical components, and sub-assembly suppliers for the diversified industrial markets. With nearly 24,000 employees in 35 facilities spanning 10 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.
RIC’s Co-Owner, Tony Mastrodonato, commented, “This milestone is a testament to the strength of RIC’s platform and the talent of our team. ECI is the ideal partner to support RIC in its next phase of growth, helping to build upon its market-leading offerings and deliver even greater value to customers. We are incredibly proud of all that our team has accomplished over the past decade and look forward to watching RIC’s continued success as part of the ECI family.”
ECI’s Chief Executive Officer, Mike Balsei, said, “Electrification is transforming the transportation industry and RIC has become a trusted partner in the commercial electric vehicle space. We will be able to bring ECI’s scale and resources to help RIC capture the significant market opportunities for its leading platform. This transaction, together with our recent acquisition of Promark Electronics, further expands ECI’s position as the high-voltage harness supplier of choice in high-value, high-growth markets.”