• NorthStar Battery (NorthStar) is a world leader in battery technology and energy storage solutions, having built a large portion of its success on its Thin-Plate Pure Lead (TPPL) products
  • NorthStar serves blue-chip customers in the segments of Reserve Power and Transportation, and its products are used in over 150 countries worldwide, supported by its global sales, distribution and service centres
  • NorthStar employs over 600 people worldwide, is headquartered in Sweden and has its major manufacturing operations in Springfield, USA


  • DC Advisory (DC) was engaged by Altor and NorthStar in October 2018 to advise on the sale of NorthStar
  • With extensive experience in the broader energy and power solutions sector, the DC team were well placed to quickly identify and engage a select, competitive bidder group
  • DC ran a tailored process, leveraging its sector expertise and senior relationships across US, European and Asian trade and private equity partners capable of delivering both a premium valuation for NorthStar and certainty of deliverability for Altor
  • DC advised on all aspects of the sale process through to final negotiations and signing, which concluded with a signed agreement of the transaction with EnerSys. With c.$3bn market capitalisation, EnerSys is the global leader in stored energy solutions for industrial applications


  • Following a competitive international process, on 18 September 2019, EnerSys entered into a signed agreement to acquire NorthStar from Altor for an Enterprise Value of $182.5m, a c.13x LTM adjusted EBITDA. Formal closing occurred on 30 September 2019
  • The combined company will have over $1bn in TPPL production capacity
  • EnerSys plan to immediately install a new high speed line into NorthStar’s Springfield plant, enabling EnerSys to significantly grow its production capacity in the US. This together with EnerSys’ two TPPL factories in Europe will help to reduce transatlantic shipments, allow a rebalancing of factory loading and a dramatic reduction in inventory, freight and duty and currency risks