EnerSys to acquire NorthStar from Altor

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SWEDEN, September 20, 2019 - EnerSys (NYSE: ENS), the global leader in stored energy solutions for industrial applications, has entered into an agreement to acquire N Holding AB, the parent company of NorthStar, from Altor Fund II. Headquartered in Stockholm with production in Springfield, Missouri, NorthStar designs, manufactures and distributes industrial premium batteries for the Telecom and Transportation segments.

“In line with our previously disclosed strategy to increase sales of premium products we are pleased to announce the acquisition of NorthStar, which will enable EnerSys to dramatically accelerate our production capacity expansion for TPPL batteries” said David M. Shaffer, President and Chief Executive Officer of EnerSys.

NorthStar was founded in 2000 and was acquired by Altor in 2007, as the “industrial start-up” at that time wanted a partner to expand its offering, client base and target markets to grow and move away from dependencies. Transformations like that takes time and much has been accomplished today. It is another testament to the ownership philosophy of Altor – to partner with great entrepreneurs and to take the next step of the journey in every aspect.

“NorthStar is another fine example of our longer ownership horizon. Starting twelve years ago when NorthStar had one product, one major customer and one production plant. Today, NorthStar is transformed with a broadened product offering, launched the industry’s first IoT connected battery, expanded telecom client base and expanded into the transportation vertical, with a strong blue-chip customer base” Claes Ekström at Altor comments. “We believe EnerSys is an excellent new owner for this great company”.

Altor was advised by DC Advisory (M&A) and Wigge & Partners (Legal).

For more information, please contact:
Tor Krusell, Head of Communications Altor, +46705438747

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Navico, Infotheek, Orchid, Wrist Ship Supply, Sbanken, Rossignol, Helly Hansen, SATS and Carnegie Investment Bank. For more information visit www.altor.com.

About EnerSys®
EnerSys, the global leader in stored energy solutions for industrial applications, manufactures and distributes reserve power and motive power batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. Motive power batteries and chargers are utilized in electric forklift trucks and other commercial electric powered vehicles. Reserve power batteries are used in the telecommunication and utility industries, uninterruptible power supplies, and numerous applications requiring stored energy solutions including medical, aerospace and defense systems. With the recent Alpha acquisition, EnerSys provides highly integrated power solutions and services to broadband, telecom, renewable and industrial customers. Outdoor equipment enclosure products are utilized in the telecommunication, cable, utility and transportation industries, and by government and defense customers. The company also provides aftermarket and customer support services to its customers in over 100 countries through its sales and manufacturing locations around the world. More information regarding EnerSys can be found at www.enersys.com.