LEADING PROVIDER OF FIBERGLASS REINFORCED
PLASTIC COMPOSITE PRODUCTS
NEW
YORK, Dec. 2, 2024 /PRNewswire/ -- KPS Capital
Partners, LP ("KPS") announced today that, through a newly formed
affiliate, it has signed a definitive agreement to acquire the
Engineered Materials business ("Crane Composites" or the "Company")
from Crane Company ("Crane", NYSE: CR), 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.
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."
Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal
counsel to KPS.
About Crane Composites
Crane Composites is a leading
designer and manufacturer of high-quality fiberglass reinforced
plastic 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. For more information about Crane
Composites, visit www.cranecomposites.com.
About KPS Capital Partners
KPS, through its affiliated
management entities, is the manager of the KPS Special Situations
Funds, a family of investment funds with approximately $21.4 billion of assets under management (as of
September 30, 2024). For over
three decades, the Partners of KPS have worked exclusively to
realize significant capital appreciation by making controlling
equity investments in manufacturing and industrial companies across
a diverse array of industries, including basic materials, branded
consumer, healthcare and luxury products, automotive parts, capital
equipment, and general manufacturing. KPS creates value for
its investors by working constructively with talented management
teams to make businesses better and generates investment returns by
structurally improving the strategic position, competitiveness, and
profitability of its portfolio companies, rather than primarily
relying on financial leverage. The KPS Funds' portfolio
companies currently generate aggregate annual revenues of
approximately $23.7 billion, operate
251 manufacturing facilities in 30 countries, and have
approximately 65,000 employees, directly and through joint ventures
worldwide (as of September 30, 2024,
pro forma for recent acquisitions). The KPS investment
strategy and portfolio companies are described in detail at
www.kpsfund.com.
KPS Mid-Cap focuses on investments in the lower end of the
middle market that require up to $200
million of initial equity capital. KPS Mid-Cap targets
the same type of investment opportunities and utilizes the same
investment strategy that KPS' flagship funds have for over three
decades. KPS Mid-Cap leverages and benefits from KPS' global
platform, reputation, track record, infrastructure, best practices,
knowledge and experience. The KPS Mid-Cap investment team is
managed by Partners and Co-Heads Pierre de Villeméjane and
Ryan Harrison, who lead a team of
experienced and talented professionals.
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SOURCE KPS Capital Partners, LP