Houlihan Lokey Advises Exide Holdings

Houlihan Lokey is pleased to announce that Exide Holdings, Inc. (Exide) has sold substantially all of its European/Rest of World (EU/ROW) operations to existing noteholders pursuant to a Chapter 11 plan. The transaction closed on October 26, 2020.

With more than 130 years of experience, Exide was a global leader in stored electrical energy solutions and one of the world’s largest producers and recyclers of lead-acid and lithium-ion batteries, with operations in more than 20 countries. The company’s EU/ROW business generated ~65% of Exide’s revenue, with operations primarily located in Europe. In 2020, the unprecedented health and economic impact of the COVID-19 global pandemic, coupled with the company’s rising production costs and outstanding environmental liabilities, significantly constrained liquidity and led certain of the company’s legal entities to file for Chapter 11 protection under the U.S. Bankruptcy Code. Legal entities comprising EU/ROW operations continued business in the ordinary course as non-debtor affiliates outside of the Chapter 11 cases.

The company’s prepetition noteholders acquired the EU/ROW division through a credit bid pursuant to a Chapter 11 plan. Houlihan Lokey assisted the company in separating the EU/ROW operations from the North American operations, including the negotiation of a transition services agreement to support the separation of the EU/ROW assets from the debtor entities. The transaction underscores Houlihan Lokey’s long-standing reputation and credentials as a premier advisor to the energy storage and metals recycling sectors.

Houlihan Lokey served as the company’s exclusive investment banker.