Continuing the rationalization of its portfolio, Ecobat has completed the divestiture of Zimco Group, its lead and industrial operations in southern Africa, to AutoX.
DALLAS and JOHANNESBURG, Oct. 24, 2023 - Ecobat, the global leader in battery recycling, and AutoX Proprietary Limited are pleased to confirm that Ecobat has completed the divestiture of its operations in southern Africa, Zimco Group Proprietary Limited, to AutoX.
Comprised of seven businesses operating in a diverse range of markets across three countries, Zimco Group includes Fry's Metals, Castle Lead Works, Associated Additives, Zimco Metals, G&W Mineral Resources, Dutton Plastics, and Sondor Performance Foams. Investec Bank Limited acted as financial advisor and White & Case acted as legal advisor to Ecobat on the transaction. Bowman Gilfillan acted as legal advisors to AutoX, with Webber Wentzel advisors in respect of the competition regulatory approvals.
Marcus Randolph, Ecobat's CEO, said, "I would like to thank the Zimco Group management and workforce across southern Africa for their service and commitment. This divestment advances Ecobat's strategic initiative to focus on our core business of battery recycling in North America and Europe."
Glenn Geldenhuis, AutoX's CEO, said, "The acquisition of Fry's Metals, through the acquisition of the Zimco Group, forms part of AutoX's strategic intent regarding its vertical backward integration and enables AutoX to have greater control over its supply chain in a volatile market, with the added benefit of providing opportunities to improve overall efficiencies and enhance control over its manufacturing processes. Fry's Metals has to-date been a long-standing supplier and lead recycling partner to AutoX."
For further information please contact:
Ecobat: ecobat@edelman.com
AutoX: glenng@auto-x.co.za
About Ecobat
Ecobat is the world's largest battery recycler. With decades of experience recycling and producing lead acid battery materials, Ecobat is now applying its global capability, infrastructure and market knowledge towards recycling lithium-ion battery materials. For more information on how we are transforming energy storage, visit www.ecobat.com.
About AutoX
AutoX is a leading Southern African automotive lead acid battery manufacturer and distributor of its well-recognised Willard and Sabat battery brands as well as white label brands. AutoX is also the official distributor of VARTA automotive batteries. AutoX services both the OEM and aftermarket replacement battery sectors, supplying approximately 3,000 automotive replacement retail outlets across Southern Africa and also exporting to the United Kingdom. AutoX also offers a battery range to cover deep cycle and leisure applications, gel batteries as well as specialised battery applications such as lithium batteries for the solar and renewable energy market together with related solar system products and solutions. AutoX also supplies motorcycle parts and accessories. In 2017, Trinitas Private Equity ("Trinitas") acquired a majority shareholding in AutoX via a buy-out transaction. Visit www.auto-x.co.za
