US-based lead-acid battery maker C&D Technologies has agreed to acquire Californian deep-cycle lead manufacturer Trojan Battery in a deal that will create a combined company with more than US$1 billion of revenue.
Pennsylvania-based C&D, a portfolio company of KPC Capital Partners, will acquire Trojan from owners Charlesbank Capital Partners and other shareholders.
The combined company will own and manage eight manufacturing facilities across the US, Mexico, and China, as well as two advanced R&D centres devoted to deep-cycle battery technologies.
Trojan CEO Neil Thomas said the acquisition would create “a powerful new leader in the energy storage and transmission industry”. “The combined company will take a leading role as the energy storage industry rapidly evolves and grows in scale and sophistication.”
C&D CEO Armand Lauzon said: “Given C&D and Trojan's complementary portfolios of global manufacturing plants, markets and products, this is a highly compelling combination with tremendous strategic value and an exciting multi-segment growth opportunity.”
The transaction is expected to complete by the end of 2018, subject to closing conditions and approvals. Financial details have not been disclosed.
The announcement of the deal comes just days after Trojan announced it was expanding into the lithium sector.