Press Releases

KPS Capital Partners Portfolio Company C&D Technologies to Acquire Trojan Battery Company

Nov 06, 2018


Creates Global Technology Leader in the Battery Industry

New York, NY (November 6, 2018) -- KPS Capital Partners, LP (“KPS”) announced today that its portfolio company C&D Technologies, Inc. (“C&D”) has agreed to acquire Trojan Battery Company, LLC (“Trojan”) from Charlesbank Capital Partners, LLC and other shareholders.  Financial terms of the transaction were not disclosed.

C&D’s acquisition of Trojan combines two leading specialty battery manufacturers with long histories of delivering the highest-quality, most-innovative products in the industrial, renewable energy and specialty motive markets.  The combined company will be a global technology leader in the battery industry, with over $1.0 billion of revenue, and the ability to provide a wide portfolio of high quality energy storage solutions to meet the growing needs of customers around the world. The combined company will have eight manufacturing facilities in the United States (California, Georgia, Indiana and Wisconsin), Mexico and China; a joint venture operation in China; two advanced research and development centers dedicated exclusively to deep-cycle battery technologies; and international offices located in Europe, the United Arab Emirates and Asia.

David Shapiro, a Managing Partner of KPS, said, “KPS acquired C&D to serve as a platform in the global energy storage industry, and the industrial logic of combining C&D and Trojan is extremely compelling.  Trojan is an iconic brand name and we look forward to accelerating its growth by leveraging C&D’s global reach and strong technological capabilities.  We look forward to working closely with the management team and employees of C&D and Trojan to build the global leader in the energy storage industry.”

Armand Lauzon, Chief Executive Officer of C&D, added, “This is a historic moment for both C&D and Trojan and I look forward to leading the new company into the future.  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.  We are committed to preserving everything about C&D and Trojan that our respective loyal customers, suppliers and employees have come to expect over the years, while also using our larger scale and resources to take advantage of many exciting new opportunities.”

Neil Thomas, Chief Executive Officer of Trojan, added, “The combination of Trojan and C&D creates 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.   I am excited about KPS and C&D’s commitment to manufacturing excellence, which I believe will further Trojan’s ambitious growth initiatives and provide attractive opportunities for our hard-working employees.”

Completion of the transaction is expected by year end 2018 and is subject to customary closing conditions and approvals.

Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel to KPS and C&D with respect to the transaction.

About C&D Technologies

C&D is a leading global manufacturer and service provider of industrial lead acid batteries and battery systems for the storage and transmission of electrical power, primarily for standby power applications.  Headquartered in Blue Bell, Pennsylvania, C&D supplies products and services to customers in the utility, telecommunications, uninterruptible power supply, cable, broadband and renewable energy markets.  C&D has four manufacturing facilities in the United States (Indiana, Wisconsin), Mexico and China, as well as a joint venture operation in China.

About Trojan Battery Company

Trojan is the world’s leading manufacturer of deep-cycle batteries for motive and stationary applications.  Headquartered in Santa Fe Springs, California, Trojan’s operations include four manufacturing plants in California and Georgia, two advanced research and development centers dedicated exclusively to deep-cycle battery technologies, and international offices located in Europe, the United Arab Emirates and Asia.

About KPS Capital Partners

KPS, through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $21.4 billion of assets under management (as of December 31, 2023).  For over three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing.  KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds’ portfolio companies generate aggregate annual revenues of approximately $20.3 billion, operate 222 manufacturing facilities in 26 countries, and have approximately 48,000 employees, directly and through joint ventures worldwide (as of December 31, 2023). The KPS investment strategy and portfolio companies are described in detail at

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