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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, with the family maintaining 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. Added a new technology (absorbent glass mat), to its family of deep-cycle products

Executive Team – Established a new leadership team dedicated to innovation, operational efficiency and growth

Sales and Marketing – Professionalized the salesforce with a focus on pricing discipline 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.


During our investment period, Trojan improved its operations, with significant productivity gains through lean manufacturing, and expanded manufacturing space to support targeted innovation and growth plans. With modernized marketing efforts and an improved salesforce, the company broadened its distribution to new customers, geographies and markets. Trojan also invested in key leadership positions, focused on high-growth international markets, strengthened its relationship with OEMs globally and launched a new battery technology. Under our ownership, the company nearly doubled EBITDA. In December 2018, we sold our position in Trojan to C&D Technologies.


Key Team Members
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