EnerSys enters agreement with Altor Fund II for NorthStar Battery acquisition
EnerSys, the global leader in stored energy solutions for industrial applications, has entered into an agreement to acquire all issued and outstanding shares of N Holding AB, the parent company of NorthStar, from Altor Fund II.
With two production facilities in Springfield, Missouri, NorthStar manufactures and distributes batteries nearest in design and performance to EnerSys TPPL products. The acquired companies generated US$157 million in revenue for the twelve months ending August 31, 2019, and adjusted EBITDA of US$14 million, or 9% adjusted EBITDA margin. The transaction enterprise value is 13x of the LTM adjusted EBITDA (pre-synergies) and only 3x adjusted EBITDA, including run-rate synergies.
The transaction is predicted to generate annual run-rate synergies in excess of US$40 million to EnerSys and to be accretive to EnerSys’ earnings, excluding any one-time or acquisition-related costs. The transaction is subject to the satisfaction of customary closing conditions.
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