STAMFORD, CT -- Crane Co. has agreed to acquire Money Controls of Manchester, England. Terms of the agreement were not disclosed. The transaction is subject to antitrust review in Germany and is expected to close by mid-December.
Crane said it made the agreement with CA-MC Acquisition Group. Coin Acceptors of St. Louis, MO, a global leader in the design and manufacture of payment and control systems, acquired Money Controls in 2001.
Money Controls, which employs 350 people globally, produces a broad range of payment systems for the gaming, amusement, transportation and retail markets. Its product lines include coin hoppers, coin acceptors and bill validators. The company is expected to have sales of $62 million in 2010.
Over its half-century in business, Money Controls has opened offices in Des Plaines, IL, and Germany, Italy, Spain, South Africa, Australia, Singapore, Argentina and Brazil. It set industry standards with such products as the Universal Hopper and Ardac Elite bill acceptor, along with its ccTalk open-standard serial communication protocol introduced in 1998.
In 2006, building on its existing National Rejectors capabilities in coin validation and coin dispensing, Crane set out to expand its presence in the payment solutions markets. Its $86 million acquisition of Canada's CashCode Co., a manufacturer of bill validation and dispensing products, and $45 million purchase of Telequip, which produces coin-dispensing systems for retail applications, both in that year, created a global platform to serve the coin- and bill-validating needs of customers in gaming, amusement, transportation, retail and vending markets. The company's payment systems division represents this alliance of Crane-owned companies.
"The Money Controls acquisition will significantly strengthen and broaden our product offering in the payment solutions portion of our merchandising systems segment," said Crane chief executive Eric Fast. "It fits very well within our existing business and allows us to strengthen our position in the gaming and retail sectors of the market, including self-checkout applications."
Crane Merchandising Systems is composed of two solution-providing segments that enable seamless integration of equipment, vending management software and payment systems, one of which is Crane Payment Solutions. Crane Vending Solutions, whose brands include National Vendors, Dixie-Narco, Automatic Products, GPL and Stentorfield, is a leading machine manufacturer. Crane's Streamware business unit, which develops and markets management software, is part of the vending segment. Crane's vending division is headquartered in St. Louis and maintains manufacturing facilities in Williston, SC.