Major Energy Storage Consolidation: C&D Technologies Acquires Trojan Battery
When two battery companies with almost 100-year histories combine, the result is one huge battery player, ready to meet the growing demand for energy storage solutions. That’s the idea at least behind Trojan Battery Company’s announcement last week that it is being acquired by C&D Technologies.
California-based Trojan was founded in 1925 by the Godber family, which owns a minority stake in the business today. The majority of the business is held by an affiliate of Charlesbank Capital Partners. After the acquisition is complete, in about 60 days, the entire company will be owned by C&D Technologies, which itself is a portfolio company of KPS Capital Partners.
Pennsylvania-based C&D was founded in 1906 and makes batteries for the utility, telecom, UPS, cable, broadband and renewable energy markets. It has four manufacturing facilities in the U.S., Mexico and China.
Trojan Battery makes lead-acid batteries for motive and stationary applications, 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 and also has four manufacturing facilities in Calif. and Georgia plus two advanced R&D centers in Georgia and Ireland. The company has just released its first lithium-ion battery.
This acquisition will create one of the largest energy storage providers with over $1.0 billion of revenue, eight manufacturing facilities and a presence in every major region, according to the companies.
“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. “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.”
Article originally published: https://www.renewableenergyworld.com/articles/2018/11/major-energy-storage-consolidation-cd-technologies-acquires-trojan-battery.html