October 17, 2025: Private equity investor Splitstone Capital is to acquire Ecobat Resources UK’s (ERUK) lead battery recycling business from the firm’s US parent company. Further sales of Ecobat’s assets in the US are in the pipeline. Ecobat’s lithium processing capabilities have not been put up for tender.
Splitstone said on October 13 the deal, the latest in Ecobat’s piecemeal sell-off of business units worldwide, had been structured as a corporate carve-out. Tom Slabe, CEO of Ecobat said: “Upon completion, this transaction — along with the previously announced divestitures in France, Italy, Germany, and Austria — will mark Ecobat’s exit from the European lead market.”
Meanwhile, negotiation of the three facilities Ecobat owns in the US — in California, Indiana and New York— are reportedly getting closer to a conclusion, insiders tell Batteries International.
At issue, apparently, is whether the three are to be sold as a job lot or individually.
Potential buyers are rumoured to be Clarios, which no longer has any smelting capacity in the US and Gopher Resource. If Gopher were to buy the three — which have a processing capability of some 350,000 tonnes of lead a year — this would give it over 50% of the US market and could lead to potential monopoly issues, say insiders.
ERUK will transition to standalone ownership under Splitstone’s management, although financial details were not disclosed.
However, Splitstone said the purchase of the recycling business, which generates around £190 million ($253 million) in annual revenues, will be funded by Splitstone’s £100 million of committed capital and supported by over £40 million of acquisition and working capital facilities.
The move, subject to various regulatory and other conditions, will provide a strong platform for ERUK’s future growth, Splitstone said.
Derbyshire-headquartered ERUK operates Europe’s largest and most advanced lead battery recycling facility, alongside the company’s Hertfordshire sheet lead production site.
Together, the facilities form the UK’s largest integrated lead recycling and refining business. Products are distributed to customers across the automotive, industrial and construction sectors in the UK, Europe and globally.
Splitstone managing partner Peter Foxwood said the investor’s support of ERUK MD John Manning and his team “exemplifies the kind of complex carve-outs we actively seek out”.
Manning said Splitstone’s backing will ensure ERUK is well placed to invest in its operations, enhance service and continue leadership in safe, sustainable lead recycling.
Last August, Clarios confirmed it would acquire three lead battery recycling plants in Europe from Ecobat.
In September, Ecobat completed the sale of its Arizona anode manufacturing unit to Chile’s Inppamet.
Earlier this month, Belgium-based Campine pledged to expand use of the battery recycling and speciality lead manufacturing operations it had recently acquired from Ecobat in France.
