KPS Capital Partners, LP announced that, through a newly formed affiliate, it has signed a definitive agreement to acquire the Engineered Materials business from Crane Company, for an enterprise value of $227 million. Completion of the transaction is expected in the first quarter of 2025 and is subject to customary closing conditions and approvals.
Crane Composites is a leading designer and manufacturer of high-quality fiberglass reinforced plastic (“FRP”) composite products. The Company offers a comprehensive portfolio of best-in-class products, including wall and ceiling panels used in commercial construction, sidewall and roof panels for recreational vehicles and interior liners and roof panels for trailer and truck bodies. Crane Composites serves a variety of end-markets, including building products, recreational vehicles and transportation. Headquartered in Channahon, Illinois, the Company has approximately 430 employees and operates four strategically located manufacturing facilities across the United States.
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Pierre de Villeméjane, Partner and Co-Head of KPS Mid-Cap Investments, said, “We are excited to acquire Crane Composites, a leading fiberglass reinforced composite products manufacturer with best-in-class manufacturing capabilities, product offerings, quality and customer service. We look forward to working with President John O’Sullivan and the Crane Composites team to accelerate the Company’s growth. The combination of Crane Composites’ manufacturing expertise, leadership position and commitment to quality, as well as KPS’ strategic, operational and financial resources on a global scale, provides an ideal foundation for Crane Composites’ future success as an independent company. We intend to expand the business both organically and through strategic acquisitions.”
John O’Sullivan, President of Crane Composites, said, “We are excited to partner with KPS to begin this new chapter as a standalone enterprise. KPS, with its demonstrated track record of manufacturing excellence, is the ideal owner for Crane Composites. Under KPS’ ownership, we will accelerate growth, invest in operational capabilities and expand our product offering to build upon our seventy-year history as a leader.”
SOURCE: PRNewswire