Just 16 months after being acquired by a private equity firm, St. Louis manufacturer Electrical Components International (ECI) said it has wrapped up a $50 million recapitalization.

ECI said the financing for the recapitalization transaction was provided by syndicate of banks and institutional investors, with BofA Merrill Lynch acting as lead arranger.

ECI funded the recapitalization through a $50 million increase of its current term loan. The proceeds were used to fund a cash distribution to the company’s stockholders, primarily New York City-based private equity firm KPS Capital Partners.

Creve Coeur-based ECI manufacturers wire harnesses, power cords, wire leads and electro-mechanical assemblies for a variety of industries. It was formed in 2006 when St. Louis-based Viasystems Group sold its wire harness business to Francisco Partners for $320 million.

ECI filed a prepackaged bankruptcy in March 2010, emerging in May 2010 after swapping debt for new equity. At the time, the company had assets of $363.6 million and debt of $425.7 million.

In April 2014, ECI was purchased by KPS Capital Partners, led by Co-founder and Managing Partner Michael Psaros, which has about $5.6 billion in assets under management.

“In ECI’s first year under KPS’ ownership, performance has exceeded our expectations,” David Webster, CEO of ECI, said in a statement. “This recapitalization validates ECI’s significant strategic accomplishments under KPS ownership, and we are pleased to return capital to our stockholders.”

Webster said over the past year, ECI has launched a manufacturing facility in Morocco, won new business in both appliance and specialty-industrial end markets, and integrated the operations of Global Harness Systems into its global manufacturing footprint.

Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to ECI in the recapitalization.