Trojan Battery signs investment deal

Trojan Battery Co., manufacturer of deep-cycle lead acid batteries, has announced that private equity investment firm Charlesbank Capital Partners has made an investment in the company.

“Trojan sees diverse opportunities to continue to grow our business and increase market share with Charlesbank as our new partner,” said Trojan president and CEO Jeff Elder. “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.”

The transaction, which was funded with both equity and debt, introduces the first outside equity for the company. Trojan has been owned by the Godber family since it was founded in 1925 and the Godber family will maintain a significant ownership position. GE Antares Capital provided the debt portion of the financing.

“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.”

Trojan batteries are designed for use in the fleet golf, utility electric vehicle, aerial work platform, floor cleaning, renewable energy, backup power, recreational vehicle, material handling and transportation markets. The company pioneered the development of deep-cycle battery technology for the golf industry in 1952, introducing mobilization to the game of golf. It has manufacturing facilities in California and Georgia and its products are sold in more than 120 countries.