Livingstone is pleased to announce the sale of Cummins-Allison Corp. (“Cummins-Allison” or “Company”), and affiliates, to Crane Co. (NYSE:CR) for $160 million. Livingstone acted as the financial advisor to Cummins-Allison.
Headquartered near Chicago, Illinois, Cummins-Allison is the leading innovator and provider of currency, ticket and check handling solutions, as well as full-function ATMs. The Company’s world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. The Company’s customers in financial, cash-in-transit, gaming, retail, law enforcement, and other organizations rely on Cummins-Allison’s solutions to help them work more efficiently, eliminate errors and spend less time on repetitive tasks.
“I couldn’t be more pleased about this transaction with Crane. As I evaluated the future options for the business, transacting with Crane was the right thing for the future of the Company. The strategic fit and mutual commitment to innovation and customer service was paramount in the decision-making process,” said Bill Jones, Chairman of Cummins-Allison. “Livingstone was critical in achieving a great outcome. They were creative in their approach, which ensured the consummation of a timely transaction.”
“We are extremely pleased to have advised on this transaction,” said Andrew Bozzelli, a Partner with Livingstone. “Our nuanced approach to working with privately-held companies guided an expeditious and successful outcome for our client.”
Andrew Isgrig, a Partner with Livingstone, stated, “The Cummins-Allison transaction represents another successful outcome for us in the industrial technology sector and specifically currency space. We believe there will continue to be transactions as market dynamics shift, and Livingstone is focused on helping its clients capitalize on the resulting market opportunities through these changes.”
McDermott Will & Emery LLP served as legal counsel and RSM US LLP provided accounting support to Cummins-Allison.
