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.