Trojan Receives Investment from Boston-based Charlesbank
Trojan Battery Company, a manufacturer of deep-cycle lead acid batteries, announced it has received an investment from Charlesbank Capital Partners.
Headquartered in Santa Fe Springs, Calif., 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,” says Jeff Elder, president and chief executive officer 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.”
Trojan batteries are designed to meet the complex energy storage requirements for numerous applications in the fleet golf, utility electric vehicle, aerial work platform, floor cleaning, renewable energy, backup power, recreational vehicle, material handling and transportation markets.
“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,” says 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.”
Trojan Chairman of Board, Rick Godber, says the company is looking forward to meeting the demand for U.S.-made battery products and pursuing new business opportunities worldwide.
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