H.I.G. Capital, a leading global alternative investment firm with $43 billion of equity capital under management, recently announced that one of its affiliates has completed the acquisition of Continental Battery Holding Corp.
Headquartered in Dallas, Texas, Continental is a leading distributor of aftermarket batteries to the electric utility vehicle (EUV), automotive, commercial, marine and industrial markets. Today, Continental provides service to more than 30,000 dealers across a network of more than 100 distribution locations in North America offering a complete range of aftermarket batteries and accessories.
Eric Royse, CEO of Continental Batteries commented, “We are excited to enter into this new chapter with H.I.G. as we continue to further enhance the Continental breadth and reach of our offering to better serve our customers. H.I.G.’s distribution experience combined with its proven ability to help companies grow through acquisition and market consolidation will enable Continental to accelerate our successful growth trajectory.”
“We are very excited to partner with Eric and the Continental management team, who have a proven track record of building a best-in-class business and providing the highest levels of quality and service for their customers,” added Tenno Tsai, managing director at H.I.G. “The company is a market leader with a diversified customer base, broad geographic footprint and differentiated distribution capabilities. We look forward to working with the team to build upon their success and support continued growth initiatives”
Continental Batteries’ existing management team will continue to run the business going forward. Ares Management is providing financing for the transaction. Harris Williams acted as financial advisor to Incline, and Dentons LLP acted as legal counsel to the Company and Incline on the transaction. Ropes & Gray LLP provided legal advice to H.I.G.
