KPS CAPITAL PARTNERS TO ACQUIRE THE ENGINEERED MATERIALS BUSINESS OF CRANE COMPANY

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.

SOURCE KPS Capital Partners, LP