Private equity firm Altor has sold industrial battery maker Northstar to EnerSys, the global stored energy company.
NorthStar designs, manufactures and distributes industrial premium batteries for the telecom and transportation industries.
The business was founded in 2000 and is headquartered in Stockholm, with production facilities in Missouri. It was acquired by Altor in 2007.
Claes Ekström, Partner at Altor, said: “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.”
David M. Shaffer, President and CEO of EnerSys, added: “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.”