Crane Co to acquire Crane Currency for $800 million

Image courtesy: Crane Currency

Crane Co. has signed an agreement to purchase 100% of the equity interests in Crane & Co., Inc. ("Crane Currency") from private equity firm Lindsay Goldberg, members of the Crane family, and other shareholders, for $800 million on a cash free and debt free basis.

 

Crane Currency is expected to have 2017 sales of approximately $500 million with adjusted EBITDA of $94 million. Excluding Special Items, the acquisition is expected to be accretive to EPS by $0.15 in the first full year post-closing, increasing to approximately $1.00 by 2021.

 

The purchase of Crane Currency is contingent upon regulatory approvals and customary closing conditions. Crane Co. intends to finance the acquisition through a combination of cash on hand and additional debt. Commitments are in place to cover 100% of the financing needs in order to facilitate the closing of the transaction, which is expected to take place early in the 1Q 2018.

 

Founded in 1801, Crane Currency is a pioneer in advanced micro-optic security technology, and a fully integrated supplier of secure and highly engineered banknotes for central banks all over the world.