Charlesbank Capital Partners announced it has made an investment in Trojan Battery Company.
Trojan has been owned by the Godber family since its founding in 1925. The transaction, which was funded with both equity and debt, introduces the first outside equity for the company, with the management team making a notable co-investment and the Godber family maintaining a significant ownership position. GE Antares Capital provided the debt portion of the financing.
“Trojan sees diverse opportunities to continue to grow our business and increase market share with Charlesbank as our new partner,” said Jeff Elder, president and CEO of Trojan Battery. “Trojan takes pride in cultivating strong relationships with our customers and we are pleased to have raised capital that will help Trojan expand and meet its full potential. Charlesbank’s experienced team will be a valuable strategic resource as we move ahead in establishing our U.S.-based manufacturing facility for AGM batteries and our continued global expansion.”
“We are very pleased to partner with this talented management team to help continue to grow the business and build on the 88-year legacy of the Godber family,” said Ryan Carroll, Charlesbank managing director. “Trojan has a well-respected brand in the battery industry and a reputation for high quality and technology leadership. With this excellent foundation we believe the business is well-developed to grow in its existing markets as well as in newer markets such as renewable energy, transportation and back-up power.”
“The Godber family is dedicated to playing a significant ongoing role in the evolution of the Trojan brand and company in conjunction with Charlesbank,” said Rick Godber, chairman of board for Trojan Battery. “In support of Trojan’s tremendous market share growth in recent years, the company is looking forward to meeting the strong unmet demand for quality U.S.-made deep-cycle batteries, which will drive Trojan’s pursuit of new business opportunities worldwide.”
Houlihan Lokey served as financial advisor to Trojan Battery on the transaction and Vetus Partners acted as due diligence advisor to Charlesbank.