Splitstone Capital announces agreement to acquire leading UK circular economy business Ecobat Resources UK Limited in a corporate carve-out transaction
London, 13 October 2025 – Splitstone Capital LLP (“Splitstone”), the London-based private equity investor, today announced that funds advised by Splitstone have signed a binding agreement to acquire Ecobat Resources UK Limited (“ERUK”). ERUK is the UK’s leading lead battery recycling business, generating approximately £190 million in annual revenues.
ERUK is being acquired in a corporate carve-out transaction from US-based Ecobat LLC (“Ecobat”), the world’s largest recycler of batteries.
Headquartered in Matlock, Derbyshire, ERUK operates Europe’s largest and most advanced lead battery recycling facility alongside the company’s Welwyn Garden City sheet lead production site. Together these facilities form the UK’s largest integrated lead recycling and refining business.
ERUK has a long heritage in the UK’s industrial landscape and is today a critical player in the circular economy. The company recycles used lead-acid batteries and scrap lead into refined lead, alloys and lead sheet, while also converting by-products into saleable materials. Its proven processes recover over 99.97% of the lead content in used batteries, with its products distributed to customers across the automotive, industrial and construction sectors in the UK, Europe and globally.
The acquisition will be funded by Splitstone’s £100 million of committed capital and supported by over £40 million of acquisition and working capital facilities, providing a strong platform for ERUK’s transition to standalone ownership and future growth.
Peter Foxwood, Managing Partner of Splitstone Capital, said:
“Ecobat Resources UK is a strongly-performing market leader with a vital and enduring role in the circular economy. We are excited to support the Managing Director, John Manning, and his team as they build on the company’s impressive heritage. This transaction exemplifies the kind of complex carve-outs we actively seek out, where focus, pace and creativity are essential to deliver a successful outcome.”
John Manning, Managing Director of Ecobat Resources UK Limited, added:
“This agreement marks an important milestone for our people and customers. Splitstone’s pragmatic and supportive approach stood out throughout the process. With their backing, we’ll be well placed to invest in our operations, enhance service and continue our leadership in safe, sustainable lead recycling.”
The transaction remains subject to customary closing conditions, including regulatory approvals.
About Splitstone Capital LLP
Splitstone Capital LLP is a London-based private equity firm focused on complex corporate carve-outs of UK and Irish-headquartered businesses in the industrials and business services sectors. Splitstone partners with corporate sellers to deliver ownership transition solutions while supporting management teams with strategic guidance and long-term capital. Splitstone is part of the Omni Group of Companies: www.omnigc.co.uk
For further information see: www.splitstonecapital.co.uk
About Ecobat Resources UK Limited
Ecobat Resources UK Limited, formerly known as HJ Enthoven, is the UK’s leading recycler of lead-acid batteries and producer of refined lead and alloys. Established in the 1930s, the company operates facilities in Derbyshire and Hertfordshire, supplying automotive, industrial and construction customers across the UK and Europe.
About Ecobat LLC
Ecobat LLC is the world’s largest recycler of batteries, with operations across Europe and the United States. The company is dedicated to building a more sustainable future by delivering innovative solutions for battery recycling, resource recovery, and energy storage. Ecobat’s comprehensive approach ensures the responsible management of valuable materials that are essential to modern life.
