Crane Composites: Engineered Materials Division Sold to KPS Capital Partners for $227 Million

Deal News | Dec 02, 2024 | KPS Capital

KPS Capital Partners announced that it has signed a definitive agreement to acquire the Engineered Materials division of Crane Company, known as Crane Composites, for an enterprise value of $227 million. The acquisition is expected to be completed in the first quarter of 2025, subject to customary closing conditions and regulatory approvals. Crane Composites specializes in high-quality fiberglass reinforced plastic composite products used across various sectors, including commercial construction, recreational vehicles, and transportation. With a workforce of 430 employees and four U.S.-based manufacturing facilities, Crane Composites will continue to operate independently under the ownership of KPS. The acquisition aims to leverage both Crane Composites' leadership in manufacturing and KPS's resources to accelerate growth and expand opportunities both organically and through further strategic acquisitions. Paul, Weiss, Rifkind, Wharton & Garrison LLP are serving as the legal counsel for KPS in this transaction.

Sectors

  • Manufacturing
  • Private Equity
  • Construction Materials
  • Automotive and Transportation

Geography

  • United States – Crane Composites is headquartered in Illinois, USA, and operates manufacturing facilities across the United States.

Industry

  • Manufacturing – Crane Composites operates in manufacturing, producing fiberglass reinforced plastic composite products for construction and transportation industries.
  • Private Equity – KPS Capital Partners is a private equity firm known for acquiring and improving manufacturing and industrial companies.
  • Construction Materials – Crane Composites provides wall and ceiling panels for commercial construction, situating it directly in the construction materials sector.
  • Automotive and Transportation – Crane Composites produces panels for recreational vehicles and truck bodies, aligning it with the automotive and transport industries.

Financials

  • $227 million – Enterprise value of the Crane Composites acquisition by KPS Capital Partners.
  • $21.4 billion – Assets under management by KPS Capital Partners as of September 30, 2024.
  • $23.7 billion – Aggregate annual revenues generated by KPS Funds portfolio companies as of September 30, 2024.

Participants

NameRoleTypeDescription
KPS Capital PartnersBidding CompanyCompanyA private equity firm specializing in manufacturing and industrial companies.
Crane CompanySelling CompanyCompanyThe parent company of the Engineered Materials division being sold to KPS Capital Partners.
Crane CompositesTarget CompanyCompanyA leading provider of fiberglass reinforced plastic composite products.
Paul, Weiss, Rifkind, Wharton & Garrison LLPLegal AdvisorCompanyThe law firm serving as legal counsel to KPS Capital Partners for the transaction.
Pierre de VillemjanePerson in ChargePersonPartner and Co-Head of KPS Mid-Cap Investments.
John O'SullivanPresidentPersonPresident of Crane Composites.