Portfolio

HJ Enthoven (HJE) & British Lead

Acquisition Date: 28 November 2025
Status: Current investment

Europe’s largest lead-acid battery recycler and a critical player in the circular economy

HJ Enthoven is headquartered in Matlock, UK and operates one of Europe’s most advanced closed-loop recycling systems for used lead-acid batteries. Processing up to 150,000 tonnes per year, HJE recovers over 99.97% of lead content and produces high-quality refined lead and specialist alloys for customers across automotive, industrial power, energy storage and a range of manufacturing applications.

Founded in 1938, the business combines deep industrial heritage with a central role in the modern circular economy, generating approximately £190 million in annual turnover and providing essential materials to UK, European and global supply chains.

HJ Enthoven is headquartered in Matlock, UK and operates one of Europe’s most advanced closed-loop recycling systems for used lead-acid batteries. Processing up to 150,000 tonnes per year, HJE recovers over 99.97% of lead content and produces high-quality refined lead and specialist alloys for customers across automotive, industrial power, energy storage and a range of manufacturing applications.

Founded in 1938, the business combines deep industrial heritage with a central role in the modern circular economy, generating approximately £190 million in annual turnover and providing essential materials to UK, European and global supply chains.

Why Splitstone Invested

Corporate carve-outs often come with more knots than ribbon and this one was no exception. We saw a rare opportunity to support a mission-critical industrial asset with strong fundamentals and clear room to sharpen commercial and operational performance.
Our conviction is based on:

  • A resilient and regulated end market with structural demand for recycled lead
  • A proven industrial process with industry-leading recovery rates
  • Attractive opportunities to move further into higher-value-added lead alloys and speciality products
  • A long-established customer base across automotive, industrial and backup power
  • Increasing corporate and governmental focus on circular economy solutions
  • The chance to stabilise and grow a historically under-invested non-core division

Value Creation Priorities

Splitstone is working with management on a focused programme aimed at strengthening the platform for long-term success:

  • Operational efficiency improvements across smelting and refining
  • Enhanced maintenance planning and uptime performance
  • Energy optimisation and decarbonisation initiatives
  • Commercial excellence and pricing discipline
  • Development of new alloy products for industrial and energy storage applications
  • Upgrades to environmental monitoring, compliance and reporting
  • Investment in people, skills and safety culture

We believe well-run, well-invested industrial operations can be both profitable and sustainable. (Radical, we know.)

ESG and Environmental Responsibility

Lead recycling is inherently sustainable, but excellence is earned, not assumed.

HJE plays a critical role in reducing the environmental footprint of lead usage, diverting waste from landfill and reducing the need for primary lead mining. The business operates under strict UK environmental regulations and continues to invest in emissions control, monitoring and process efficiency.

The UK’s leading manufacturer of rolled sheet lead for the construction industry

British Lead operates from Welwyn Garden City and produces high-quality rolled sheet lead for the UK construction sector. The business uses recycled feedstock from reclaimed construction lead and supplies merchants, roofing specialists, and major contractors nationally. It generates approximately £50 million in annual turnover.

With a heritage built on industrial craft, British Lead delivers essential products used in roofing, weathering and heritage restoration projects across the UK.

What makes British Lead attractive

  • Strong, steady underlying demand from the UK construction market
  • High barriers to entry due to regulated processes and specialist manufacturing capability
  • A well-regarded brand with decades of trust and technical credibility
  • Opportunities to broaden the product portfolio and enhance customer engagement
  • Synergies with HJE through responsible sourcing and recycling

Value creation focus

Splitstone is supporting British Lead through:

  • Product mix optimisation
  • Process efficiency initiatives
  • Enhanced customer engagement and digital ordering capability
  • Further integration of recycled material sourcing
  • Investment in people, manufacturing know-how and operational resilience

The Transaction

Splitstone Capital LLP acquired HJ Enthoven, together with its sheet lead division British Lead, from Ecobat LLC in November 2025 as part of a broader divestment of non-core multinational operations.
The carve-out involved:
  • Separation of multi-site heavy industrial operations
  • Transfer of responsibility for a defined benefit pension scheme
  • Establishment of standalone systems, processes and governance
  • Ensuring regulatory continuity for a regulated recycling process
  • Full commercial and operational independence from the former parent
Addressing these complexities reflects Splitstone’s specialisation in carve-outs of industrial and technical businesses.
Alongside Splitstone’s investment, the Group benefits from a £44 million working capital facility from Shawbrook Group plc, supporting ongoing investment and operational development.

Comment from the Seller

“Splitstone handled the process with professionalism and pace, and we are pleased to be transitioning the business to an owner with deep expertise in carve-outs.”
Tom Slabe, CEO, Ecobat LLC