H.I.G. Capital Completes Acquisition of Continental Batteries
NEW YORK – January 21, 2021 – H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $43 billion of equity capital under management, is pleased to announce that one of its affiliates has completed the acquisition of Continental Battery Holding Corp. (“Continental Batteries,” “Continental,” or the “Company”).
Headquartered in Dallas, TX, 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 over 30,000 dealers across a network of over 100 distribution locations in North America offering a complete range of aftermarket batteries and accessories.
Eric Royse, Chief Executive Officer 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.
About Continental Batteries
Continental is leading distributor of aftermarket batteries to the electric utility vehicle (EUV), automotive, commercial, marine and industrial markets. Founded in 1932 and based in Dallas, TX, Continental Batteries operates more than 100 branches throughout North America. For more information, visit http://www.continentalbattery.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $43 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach. Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
* Based on total capital commitments managed by H.I.G. Capital and affiliates.