Crane Co, which is active in vending through Crane Merchandising Systems and Crane Payment Solutions, has signed an agreement to purchase 100 per cent of the equity interests in MEI Conlux Holdings, a leading provider of payment solutions for vending and other unattended transaction systems.
Crane Payment Solutions already owns the NRI, CashCode and Telequip brands, giving it strength in coin handling including electronic changegivers, coin dispensing and bill validation. The addition of MEI will strengthen the company’s portfolio in cashless payment solutions, including NFC technology and bill validation.
Eric Fast, President and Chief Executive Officer of Crane Co said, “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. Together we will be able to offer our customers a complete product suite, utilising MEI’s leadership in bill validation and Crane’s leadership in coin handling. We will have the global scale to capitalise on key growth opportunities, especially in emerging markets. In addition, we will expand our capabilities to drive innovation and facilitate the integration of bills, coins and cashless payment options to better serve customers worldwide.”
The acquisition is contingent upon regulatory approvals and customary closing conditions. Until completion, MEI and Crane Payment Solutions will continue to operate independently under their existing management structures. Following completion it is anticipated that Michael Hayes, President of MEI, will become President of the combined payment solutions businesses, reporting to Max Mitchell, Executive Vice President and COO of Crane. Kurt Gallo, President of Crane Payment Solutions, will assume the Chief Operating Officer role of the combined businesses, reporting to Michael Hayes. Kiyoaki Takeda will continue as President of MEI Conlux Holdings (Japan).
