NEW YORK – October 8, 2014 – Carl Marks Advisors, a consulting and investment banking advisory firm, acted as the investment banker to Crane & Co., Inc. in a transaction that successfully raised $155 million to refinance the Company’s U.S. lender group and expand its debt facilities in Europe.
Based in Massachusetts and founded in 1801, Crane is a leading provider of currency products to central banks around the world and premium stationery to discerning consumers. For over a century, Crane has been the chief supplier of currency paper to the United States Treasury, and has developed cutting-edge counterfeit deterrents including security fibers, watermarks, and micro-optic threads.
Recognizing a strong opportunity for international growth, Crane selected Carl Marks Advisors to source new debt capital that would enable the Company to expand its facilities, further strengthen its position in the U.S. market, and ultimately elevate its status in the stationery and currency industries.
“Carl Marks Advisors provided valuable insight and key relationships in the capital markets that guided the Company to a financing solution that will support our growth into new markets,” said Doug Prince, CFO of Crane.
“We are honored to announce our role in this engagement as it speaks to our dedication to uncover and secure new sources of financing, and to pair Crane with the best possible debt provider,” said Charles Boguslaski, a Managing Director who led the Carl Marks Advisors team. “This is a great example of a business that is growing both domestically and internationally based on its market leading products and innovative security features.”
WilmerHale served as counsel to Crane.