Canadian Vending

News
Crane Co. to acquire banknote maker Crane Currency


December 12, 2017
By Canadian Vending

Stamford, CT – Crane Co., a manufacturer of highly engineered industrial products, has signed an agreement to purchase 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.

Founded in 1801, Crane Currency is a pioneer in advanced micro-optic security technology, and a supplier of secure and highly engineered banknotes for central banks all over the world, Crane Co. said in a news release. The purchase price represents approximately 8.5 times Crane Currency’s estimated 2017 adjusted EBITDA of $94 million.

“We are extremely excited to announce this transaction, which will be Crane Co.’s second largest ever, and brings together two companies with nearly 380 years of combined history,” said Max Mitchell, president and chief executive officer of Crane Co. “Crane Currency is the fastest growing, fully integrated global currency provider in the growing global banknote supply and security industry. Making it part of Crane Co. is a logical extension of our expanding presence in the currency and payment markets. Our combined businesses will be able to offer end-to-end currency and security solutions, from substrate manufacturing and banknote design and printing to micro-optics and banknote validation.”

Crane Currency is expected to have 2017 sales of approximately $500 million with adjusted EBITDA of $94 million.

Advertisment

The transaction is expected to take place early in the first quarter of 2018.