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Case Study

Trojan Battery


Trojan Battery is a global leader in energy storage solutions and one of the world’s largest manufacturers of deep-cycle lead acid batteries. Its products are designed to meet the complex energy storage requirements of markets such as fleet golf, aerial work platforms, floor cleaning, renewable energy, backup power and transportation.


In 2013, after almost 90 years of ownership, Trojan’s family owners were seeking liquidity and a strong financial partner to help support the company’s future growth. We worked with the family to devise a structured solution offering them partial liquidity that resulted in Charlesbank becoming the first outside investor in Trojan’s history. Today the founding family maintains a significant ownership position.

Charlesbank Role

Strategy Development – Aided in the prioritization of near-term organic growth opportunities including new end markets and new geographies

Facility Expansion – Invested to support the construction of a top-of-the-line facility in Georgia slated to expand Trojan’s capacity significantly. Adding a new technology (absorbent glass mat), to its family of deep-cycle products

Executive Team – Recruited a new CFO to deepen the finance organization and broaden Trojan’s international expertise

Sales and Marketing – Grew the sales force by 24% in first two years and focused new resources on international opportunities

Global Supply Chain – Analyzed options for expanding the company’s global manufacturing and R&D base; established a European R&D presence

Acquisitions – Supported the company in the identification of, and diligence on, a number of transformational and tuck-in opportunities. Trojan continues to actively pursue opportunities


Since Charlesbank invested, Trojan has grown EBITDA substantially and finished construction of a facility to permit Trojan to expand into a new battery technology and drive growth.

Key Team Members
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