Trojan Battery Company’s current majority owner, an affiliate of Charlesbank Capital Partners, has reached an agreement with C&D Technologies, a portfolio company of KPS Capital Partners, for C&D Technologies to acquire Trojan.
This acquisition will combine two leading battery manufacturers with complementary product portfolios to create one of the largest energy storage providers with over $1 billion of revenue, eight manufacturing facilities and a presence in every major region. The transaction is expected to close in approximately 60 days.
“Trojan Battery is an industry leader with a great heritage and an amazing team of employees,” said Neil Thomas, president and CEO of Trojan Battery. “I’m excited about the agreement with C&D and believe that it will secure the company’s future and position it for even greater success in the years ahead.”
The Godber family started Trojan Battery in 1925 and built it into one of the leading deep-cycle battery manufacturers in the world. “I am enthusiastic about the transaction that is taking place with KPS and C&D,” said Rick Godber, Chairman of the Board. “Although this will end 93 years of ownership in Trojan for the Godber family, we all look forward to watching the continued growth and success of the brand and its legacy.”
Thomas added, “I, in conjunction with the Godber family, am very appreciative of the continuous support provided by Charlesbank Capital Partners. Their commitment to Trojan has enabled the business to achieve significant growth and success over the past five years.”
“The synergies between Trojan and C&D will create a global leader in energy storage solutions with two iconic brands, quality products and the ability to supply advanced battery technologies to customers around the world,” Thomas said.
“Given C&D and Trojan’s complementary portfolios of global manufacturing plants, markets and products, this is a highly compelling combination with tremendous strategic value and an exciting multi-segment growth opportunity,” said Armand Lauzon, Chief Executive Officer of C&D. “We are committed to preserving everything about C&D and Trojan that our respective loyal customers, suppliers and employees have come to expect over the years, while also using our larger scale and resources to take advantage of many exciting new opportunities.”
Houlihan Lokey is serving as the lead financial advisor and Goodwin is serving as legal counsel to Trojan Battery for the transaction.
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