NEW YORK-Batteries Batteries Inc. acquired Battery Network Inc. and affiliated companies including Alexander Battery Co. East Inc., Alexander Battery Co. South Inc. and Alexander Battery Co. West Inc. Batteries Batteries is a value-added battery and cellular accessories distribution company.
Batteries Batteries paid $8.4 million in cash, 550,000 shares of common stock and five-year options to purchase an additional 225,000 shares for Battery Network Inc. The acquisition was funded under a $13 million secured revolving credit and term loan facility.
Batteries Batteries operates through its subsidiaries Tauber, based in San Diego, Advanced Fox, based in Philadelphia, and Batteries Batteries for Everything.