Charlesbank Capital Partners has sold Trojan Battery Co. to C&D Technologies, a portfolio company of KPS Capital Partners.
Based in Santa Fe Springs, Calif., Trojan is the world’s leading manufacturer of deep-cycle energy storage solutions for motive and stationary applications. Financial terms were not disclosed.
Trojan Battery was founded in 1925 by the Godber family, who built it into the leading deep-cycle battery manufacturer in the world. Charlesbank’s acquisition in 2013 marked the first outside equity for the company, with the Godbers maintaining a significant ownership position.
Trojan batteries are designed to meet the complex energy storage requirements for numerous applications in markets such as fleet golf, utility electric vehicle, aerial work platform, floor cleaning, renewable energy, backup power and transportation. Trojan pioneered the development of deep-cycle battery technology for the golf industry in 1952, successfully introducing mobilization to the game and beginning a legacy of leadership and innovation that prevails today in the global, deep-cycle markets.
“Together with the management team we were able to execute on key elements of our investment thesis, including expanding distribution to new customers, geographies and markets and improving plant-level profitability,” said Ryan Carroll, managing director at Charlesbank. “We believe the company has both the people and the structure to support ongoing growth under new ownership.”
Added Brandon White, fellow Charlesbank managing director, “Trojan has shown terrific growth over the past five years, and this transaction will mark the conclusion of our successful investment. We appreciate the dedication of Neil Thomas and the entire Trojan management team. Their commitment has not only delivered a strong return for our investors, but it has also strengthened the brand and market position of this company started by the Godber family nearly a century ago.”
“The Godber family and I are grateful for the continuous support provided by Charlesbank,” said Neil Thomas, president and CEO of Trojan Battery. “I am proud of all we accomplished under their ownership and know we are well-positioned for our next chapter of growth.”
