Splitstone Capital to Acquire Ecobat Resources UK, Strengthening Britain’s Circular Economy

According to an official announcement from Splitstone Capital LLP, the London-based private equity firm has entered into a binding agreement to acquire Ecobat Resources UK Limited (ERUK), a leading name in the UK’s lead battery recycling industry. The transaction, structured as a corporate carve-out from US-based Ecobat LLC, marks another major reshaping within the global circular economy sector.

Under the agreement, funds advised by Splitstone will acquire ERUK, which currently generates about £190 million in annual revenue. Headquartered in Matlock, Derbyshire, ERUK operates Europe’s most advanced lead battery recycling facility and the Welwyn Garden City sheet lead production site—together forming the UK’s largest integrated lead recycling and refining operation.

According to Splitstone’s announcement, the acquisition will be backed by £100 million in committed capital, alongside more than £40 million in acquisition and working capital facilities. The investment aims to support ERUK’s transition to standalone ownership, strengthen its financial resilience, and accelerate growth in sustainable materials recovery.

ERUK plays a crucial role in the UK’s industrial circular economy. Its recycling processes recover over 99.97% of the lead content from used batteries, turning waste into refined lead, alloys, and lead sheet products for automotive, industrial, and construction customers across Europe and globally.

“Ecobat Resources UK is a strongly-performing market leader with a vital and enduring role in the circular economy,” said Peter Foxwood, Managing Partner of Splitstone Capital. “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 ERUK, added: “This agreement marks an important milestone for our people and customers. With Splitstone’s backing, we’ll be well placed to invest in our operations, enhance service, and continue our leadership in safe, sustainable lead recycling.”

The acquisition reflects the growing momentum behind sustainable resource management and energy transition strategies across Europe. Lead recycling remains a cornerstone of the battery supply chain, especially as the region moves toward circular manufacturing and decarbonization targets.

Ecobat LLC, the parent company divesting ERUK, has undergone a series of restructurings in recent years—selling subsidiaries in Germany, France, and Italy to streamline its international portfolio and focus on North American operations. Industry observers suggest that the transaction reflects a broader private equity shift toward environmental and sustainability-focused assets that combine strong financial performance with long-term resilience.

Regulatory scrutiny will continue as the deal awaits customary approvals, but industry observers see this as a significant boost for the UK’s domestic recycling infrastructure and energy materials independence.

Source: Splitstone Capital