Monbat managers secure near 21% stake in group

Monbat managers secure near 21% stake in group

Monbat managers secure near 21% stake in group 900 559 Batteries International

July 1, 2022: The senior management team of Monbat has secured a 20.78% stake in the lead batteries group and pledged to further develop operations, Monbat announced in a June 28 regulatory filing.

The six-member management team buy-in acquired shares, for an undisclosed sum, that were disposed of by the European Bank for Reconstruction and Development (EBRD) and CEECAT Capital.

EBRD and CEECAT sold their shares in Prista HoldCo Cooperative, which had held the 20.78% stake in Monbat, to HoldCo Investment — which is indirectly owned via EKIP Monbat by the six managers.

A Monbat spokesperson told BESB the six who share the stake equally are CEO Viktor Spiriev, board chairman Chavdar Danev, COO Peter Boyadjiev, procurator and Montana plant manager Peter Hristov, sales director starter battery division Vili Kamenov, and industrial battery division manager Bozhidar Nekeziev.

‘Next step’

Monbat’s majority shareholders, who hold a 49% stake, continue to be Atanas Bobokov and Plamen Bobokov, the spokesperson said.

CEO Spiriev said: “Taking the next step and now being further vested as shareholders, the management of Monbat is fully committed to the future development of the group.

“During our involvement as management, Monbat has become one of the five largest manufacturers of lead acid batteries in Europe, and has also launched and expanded operations in Romania, Serbia, Italy, Germany and Tunisia.”

On June 9, Advanced Battery Concepts and Monbat announced plans to develop a commercial bipolar battery for mass production in an investment deal worth around €16 million ($17 million).