Crane Company (NYSE:CR), a leading industrial manufacturing and technology company, announced the successful acquisition of Technifab Products, Inc. on November 1, 2024. The deal, valued at $40.5 million on a cash-free and debt-free basis, enhances Crane’s capabilities in the cryogenic sector.
Technifab, founded in 1992 by Noel Short and based in Brazil, Indiana, specializes in vacuum insulated pipe systems and valves for cryogenic applications. As of September 2024, Technifab reported trailing 12-month sales of approximately $20 million and adjusted EBITDA of about $4 million. With this acquisition, Technifab will become part of Crane’s Process Flow Technologies (PFT) segment, expanding Crane’s offerings into the high-growth semiconductor, medical, and pharmaceutical markets, and broadening the company’s geographical reach.
Max H. Mitchell, Crane’s Chairman, President, and CEO, expressed enthusiasm about the acquisition: “We are excited to welcome Technifab to Crane Company. Technifab’s expertise in vacuum insulated pipe systems complements our existing cryogenic capabilities and positions us to provide a broader range of solutions across attractive end markets.”
He added, “I would like to personally thank the Short family for the opportunity to acquire this exceptional company and for their support over the past few months. The entire Technifab team, whose contributions have been instrumental to the company’s success, is now part of the Crane family. We are eager to invest further for growth, leveraging Technifab’s strengths alongside our existing cryogenic capabilities, including those from our recent acquisition of CryoWorks in May.”
