Charlesbank Capital Partners, LLC, today announced that its affiliate has sold Trojan Battery Company, LLC, to C&D Technologies, a portfolio company of KPS Capital Partners. Based in Santa Fe Springs, CA, 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.”
About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $5 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, and also engages in opportunistic credit investments. The firm seeks to partner with strong management teams to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.
About Trojan Battery Company
Trojan Battery is the world’s leading manufacturer of deep-cycle energy storage solutions and a battery technology pioneer, having built the first golf car battery in 1952. Trojan batteries provide power for a wide variety of motive and stationary applications that require deep-cycle battery performance, including aerial work platform/MEWP, airport ground support equipment, floor cleaning machines, golf and utility vehicles, marine/RV, material handling, oil/gas and renewable energy industries.
Founded in 1925, the company is ISO 9001:2015 certified with operations in California and Georgia and maintains two of the largest and most extensive research and development centers in North America, dedicated to engineering new and advanced battery technology. For more information about Trojan Battery visit www.trojanbattery.com.
Maura M. Turner, VP, Communications & Investor Relations