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Crane to Buy Payment Solutions Company

Crane to acquire MEI Conlux Holdings (U.S.), Inc. and its affiliate MEI Conlux Holdings (Japan), Inc.
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Crane Co. (NYSE: CR), Stamford, CT, a diversified manufacturer of highly engineered industrial products, has agreed to purchase MEI Conlux Holdings (U.S.) Inc. and its affiliate MEI Conlux Holdings (Japan) Inc. from Bain Capital and Advantage Partners for $820 million, representing 9.6 times MEI’s estimated 2012 EBITDA of $85 million.

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MEI, a leading provider of payment solutions for unattended transaction systems, serves customers in the transportation, gaming, retail, service payment and vending markets. Headquartered in Malvern, PA, and with sales of $400 million in 2012, MEI has customers in over 100 countries. From 2009 to 2012, MEI sales have grown at a 13 percent compound annual growth rate and EBITDA margins have increased to 21 percent.

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. MEI materially strengthens our existing Payment Solutions business, which we have grown through three acquisitions beginning in 2006.”

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