Crane Company (Crane) has acquired Vian Enterprises, Inc. (Vian) for approximately US$103 million on a cash free and debt free basis.
Founded in 1968, Vian is a global designer and manufacturer of multi-stage lubrication pumps and lubrication system components technology for critical aerospace and defence applications with sole-sourced and proprietary content on the highest volume commercial and military aircraft platforms. Through August 2023, it is estimated that Vian had trailing 12-month sales of approximately US$33 million and adjusted EBITDA of approximately US$8 million, with an order backlog exceeding US$100 million. Crane financed the acquisition primarily with proceeds from its revolving credit facility.
Crane’s President and CEO, Max Mitchell, said: “We are very excited to announce this transaction. Vian is highly complementary to our Fluid Solution within the Aerospace & Electronics segment, significantly expanding our portfolio of mission-critical aerospace flow control products. Vian has strong positions on the most attractive commercial and military aircraft platforms today and combined with our existing fluid and thermal management capabilities, further strengthens our positioning for future content opportunities on engines, gearboxes and auxiliary power units. We expect that Vian’s margins will be accretive to the Aerospace & Electronics’ segment EBITDA margins immediately, with a long-term sales growth rate in line with the segment’s previously disclosed 7% to 9% long-term CAGR. Vian, along with the other acquisitions that we continue to pursue, meets our clearly defined strict financial and strategic acquisition criteria.”
Crane will provide further updates on the acquisition during the fourth quarter earnings call. (£1.00 = US$1.26 at time of publication).
