Deal Details

Batteries Plus Completes Structured Equity Recapitalization

Consumer

Batteries Plus, a portfolio company of Freeman Spogli, structured equity recapitalization with Wellspring

Summary

Batteries Plus Holding Corporation (“Batteries Plus” or the “Company”), a portfolio company of Freeman Spogli & Co. (“Freeman Spogli”), recently completed a structured equity recapitalization with Wellspring Capital Management Group (“Wellspring”), in the form of structured junior capital to monetize a legacy stakeholder.

Baird served as the exclusive placement agent to Batteries Plus on this transaction. This transaction marks Baird’s third advisory assignment for Batteries Plus, having acted as lead advisor on its sale to Freeman Spogli in 2016 and as financial advisor on its senior debt refinancing in 2023.

About

Founded in 1988, Batteries Plus is a leading franchisor focused on non-discretionary products and services for battery power and device repair requirements. The Company sells batteries, light bulbs, accessories and also offers smartphone repair services, diagnostics, installation and recycling through both direct-to-consumer and commercial channels, with a nationwide footprint of 720+ store territories across 48 states. Batteries Plus is headquartered in Hartland, Wisconsin.

Freeman Spogli is a private equity firm dedicated exclusively to investing in and partnering with management in consumer and distribution companies in the U.S. Since its founding in 1983, Freeman Spogli has invested over $5.7 billion in 70 portfolio companies with an aggregate transaction value of over $28 billion and has completed over 180 add-on acquisitions with its portfolio companies. Freeman Spogli is currently making investments from FS Equity Partners VIII, L.P. and has offices in Los Angeles and New York.

Founded in 1995, Wellspring is a leading private equity firm that has raised over $4.5 billion of initial capital commitments through six private equity funds. Over the past 25 years, Wellspring has invested in over 45 platform investments across various segments of the U.S. and global economies. Wellspring’s objective is to bring partnership, experience and value creation to each investment. By teaming up with strong management, Wellspring seeks to unlock underlying value and pursue new growth opportunities through strategic initiatives, operating improvements and add-on acquisitions. Wellspring is headquartered in New York, New York.

Consumer

Batteries Plus, a portfolio company of Freeman Spogli, structured equity recapitalization with Wellspring