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Private investment affiliate buys troubled lead-acid battery firm Exide Technologies in bankruptcy auction

Fri, 07/24/2020 - 12:00 -- Paul Crompton

An auction for lead-acid battery firm Exide Technologies’ Americas business closed last week with a winning proposal from an affiliate of US private investment firm Atlas Holdings.  

Under the terms of the proposed agreement the affiliate of Atlas will acquire all of Exide's ongoing Americas business and operations for around $179 million and assume certain liabilities related to the acquired assets.

The agreement contemplates the continued operation of Exide's transportation, recycling and GNB Industrial Power businesses.

The agreement has been filed with the U.S. Bankruptcy Court.

Separately, as announced when Exide filed for bankruptcy on 19 May, the firm entered into an agreement under which an ad hoc group of the company's prepetition noteholders would continue as owners of its EMEA and Asia-Pacific business. 

Tim Vargo, chairman, president, and chief executive officer of Exide Technologies, said: "We are gratified to have generated strong interest in our Americas business and delighted to have reached this agreement with affiliates of Atlas, an investor with significant operational and financial resources and a proven track record of building strong, high-performance organisations."

Atlas and its affiliates own and operate 20 industrial manufacturing, distribution and logistics companies around the world, employing more than 20,000 associates at more than 150 facilities. 

Jacob Hudson, managing partner of Atlas Holdings, said: “We believe that, with a clean start and a strong balance sheet, the Exide Americas business has a very bright future, and we are looking forward to investing in its growth."

The agreement will be subject to court approval, scheduled for a hearing on 6 August, as well as customary closing conditions.

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