Crane Co to acquire MEI Conlux Holdings for $820 million
21 December 2012
Crane Co, a US diversified manufacturer of highly-engineered industrial products, yesterday said that it will acquire automated money handling solutions provider MEI Conlux Holdings and its Japanese affiliate, for about $820 million in cash.
Stamford, Connecticut-based Crane will buy MEI Conlux Holdings and its affiliate MEI Conlux Holdings (Japan), Inc, from private equity firms Bain Capital and Advantage Partners.
Malvern, Pennsylvania-based MEI is a provider of payment solutions for unattended transaction systems, serving customers in the transportation, gaming, retail, service payment and vending markets.
With sales of approximately $400 million in 2012, MEI has customers in over 100 countries and employs 820 people worldwide.
Crane said that the combined sales of MEI and Crane Payment Solutions to be around $575 million in 2012 and expects synergies to grow to $25 million annually.
Eric Fast, president and CEO of Crane, said, "This acquisition is consistent with our strategy of niche market leadership. MEI is an outstanding business and a leader in the payment solutions industry, with a solid product portfolio, excellent technology and sophisticated hardware and software.''