Splitstone Capital

We’re pleased to have supported Splitstone Capital on financing the carve-out of Ecobat Resources UK (Ecobat) – a leading metals recycling, refining and lead-sheet manufacturing division previously owned by global battery materials group, Ecobat LLC.

Ecobat operates facilities in Derbyshire and Hertfordshire, with a workforce of 400 employees and longstanding industrial expertise. Its activities include advanced lead recycling, refining, casting and rolling.

Following the carve-out, Ecobat’s services have now been relaunched under two established brands: HJ Enthoven, focused on metals recycling and refining, and British Lead, focussing on rolled lead-sheet production.

Our Debt Advisory team was appointed by Splitstone Capital to manage the full financing process. This included preparing lender materials, leading commercial negotiations and managing each stage of the process, delivering a highly competitive and flexible financing solution, with Shawbrook ultimately identified as the best candidate.

The team helped to secure a £44 million hybrid asset-based lending (ABL) structure from Shawbrook that provides meaningful headroom for investment, operational development and the business’s long-term sustainability commitments.

Rahool Patel, Debt Advisory Associate Director at FRP Corporate Finance, said: “Carve-outs of this nature are inherently complex, involving operational separation, new funding structures and the need to give the business the right level of financial flexibility from day one.

“The package we’ve secured provides the carved-out business with the headroom it needs to invest in strengthening its operations and deliver on its long-term growth plans. It’s been a pleasure to support Peter and the Splitstone team on its debut investment and a transaction that positions the business strongly for the future.”

Peter Foxwood, Managing Partner at Splitstone Capital, said: “Completing the carve-out and relaunching the business under the HJ Enthoven and British Lead brands marks an exciting new chapter. The funding structure Rahool and the FRP Corporate Finance team helped us secure gives the business real room to invest, build on its heritage and pursue new opportunities in the years ahead.

“Their ability to move at pace and structure a bespoke funding package was instrumental to its success. We now look forward to working closely with the management team in place to deliver on their ambitions.”