Press Release
28 February 2011
Nova announces the sale of ABSL to EnerSys of the US
Nova Capital Management Limited ("Nova"), the specialist acquirer of corporate and private equity portfolios, has announced the sale of ABSL Power Solutions Limited ("ABSL") to EnerSys of the US.
ABSL is a leading provider of custom portable power solutions based on Lithium-ion ("Li-ion") technology for specialist markets. The company supplies, in particular, the military and space markets. The company is recognised as the leading supplier of portable power solutions to the UK's Ministry of Defence and is the leading supplier of rechargeable batteries for Low Earth Orbit ("LEO") satellites in Europe. The company is the only volume manufacturer of Li-ion cells in the UK and one of only three in Europe.
ABSL was part of a portfolio of nine non-core businesses acquired from AEA Technology plc in October 2005 by CIP Industries, which Nova has advised since inception.
EnerSys (NYSE: ENS), headquartered in Reading, Pennsylvania, is the global leader in stored energy solutions for industrial applications.
In announcing the sale, Michael Kelly, Nova's Operating Partner and Chairman of ABSL, said: "ABSL has grown significantly during the time of Nova's involvement. The business has undergone a significant turnaround and is now growing strongly. It will provide a high value technology platform for EnerSys and additional access to the UK defence market. EnerSys will be a good strategic owner of ABSL, bringing strong technical and commercial resources to build on ABSL's competencies. We feel the business will continue to be very successful."
Nova was advised on the transaction by XMS Capital and Berwin Leighton Paisner LLP.