Splitstone Capital LLP has completed the acquisition of the £190m turnover lead battery recycling and lead products business Ecobat Resources UK Ltd (ERUK), from Ecobat LLC.
As the business becomes independent, it will return to two of its historic names. The metals recycling and refining operations in Matlock will trade as HJ Enthoven, and the sheet lead division in Welwyn Garden City will trade as British Lead.
The company employs approximately 400 people and operates one of Europe’s most advanced closed-loop systems for recycling and refining lead.
The carve-out required the separation of multi-site heavy industrial operations, a regulated recycling process and the transfer of responsibility for a defined benefit pension scheme.
Splitstone sees an opportunity to grow the company by building its presence in higher-value-added segments while continuing to optimise operational efficiency.
Alongside Splitstone’s long-term investment commitment, the business will have access to a £44m working capital facility from Shawbrook Group plc, providing additional financial strength as the company continues to invest and develop its proposition.
Founded in 1938, HJ Enthoven processes up to 150,000 tonnes of scrap lead and used batteries each year, recovering more than 99.7% of lead content and producing high-purity recycled lead and alloys for customers in the energy storage, industrial manufacturing and construction sectors.
British Lead continues its tradition of producing rolled sheet lead for the construction industry, using feedstock recycled from reclaimed construction lead.
Peter Foxwood, managing partner of Splitstone Capital, said: “This acquisition reflects Splitstone’s focus on complex carve-outs in industrial markets where clarity, pace and specialist support matter.
“HJ Enthoven and British Lead have strong foundations and clear roles in the circular economy, and our job is to provide the ownership structure and capital that allow these businesses to realise their full potential. We look forward to working with the team as the company enters its next phase as an independent organisation.”
John Manning, managing director of HJ Enthoven, said: “Becoming an independent organisation again is an important step for our people, customers, suppliers and wider stakeholders. Independence means decisions can be made closer to the work, accelerating our pace of continuous improvement.
“The HJ Enthoven and British Lead names are well established in the markets we serve, and customers associate them with dependable quality. Our focus now is straightforward: operate safe, efficient plants and keep improving the way we reclaim and refine essential materials. We look forward to working with Peter and the Splitstone team as we take the business forward.”
Tom Slabe, CEO of Ecobat LLC, said: “This transaction supports Ecobat LLC’s long-term strategy while ensuring that the UK operations are positioned for continued success. Splitstone handled the process with professionalism and pace, and we are pleased to be transitioning the business to an owner with deep expertise in carve-outs. We thank the team for their dedication and wish them continued success as an independent company.”
Splitstone Capital was advised by Mayer Brown (Legal), FRP (Debt Advisory), Interpath (Tax), European Valuations (Collateral Review), Hillpine Consulting (Financial Due Diligence Support), XPS (Pensions) and Gunner Cooke (Debt, Property and Pensions Legal).
Ecobat LLC was advised by Rothschild & Co (Corporate Finance) and White & Case (Legal).
