CHICAGO -- Suzo-Happ said it has completed the acquisition of two product lines from Crane Co., the Currenza C2 coin recycler for the European marketplace and the bill-to-bill banknote recycler for the global marketplace.
The rights to the Currenza C2 family of coin recyclers have been licensed by Suzo-Happ for the European marketplace on an exclusive basis under which Crane Co. will no longer sell these products in Europe. The bill-to-bill banknote recycler business, including all assets, technology and patents, has been acquired by Suzo-Happ.
Late last year, Crane Co. closed its $804 million acquisition of MEI Conlux Holdings. But before it could conclude the purchase of the payment systems manufacturer, it needed approval from European Commission, which required Crane to license its Currenza C2 coin "recycler" products in Europe and divest its B2B bill "recycler" line. The two lines had annual sales of $28 million in 2013. | SEE STORY
Crane Co. said it will provide transition services in order to facilitate the integration of both product lines into Suzo-Happ's global operating structure. Suzo-Happ said it has hired key employees for the product lines from Crane Co., including members of sales and technical service teams, in order to provide seamless support to its new and current customers.
"Completing the acquisition of these globally recognized market-leading technologies represents a major milestone for our company and our strategic initiatives to expand our core technology and offering of manufactured products to key vertical markets," said Suzo-Happ chief executive James Brendel.
"Suzo-Happ will continue to provide the high quality and reliable bill-to-bill banknote and Currenza C2 coin recycler products that global payment acceptance operators have come to expect and appreciate," Brendel added. "These products' modular design, along with the tool-free service accessibility, enables operators to select the configuration that is best suited to their application, allowing the realization of bill or coin recycling benefits without incurring the upfront costs inherent [in] other products."
Suzo-Happ managing director of Europe Marcel Oelen said the addition of the bill-to-bill banknote recycler will expand the company's position in the European transportation market, while the Currenza C2 coin-handling capability further opens access to the vending market.
Suzo-Happ is owned by Acon Investments, a Washington-based private equity investment firm. Founded in 1986, Suzo-Happ Group serves customers in more than 80 countries from over a dozen locations. In the U.S., it stocks more than 12,000 SKUs for the vending, amusement and gaming industries at its new Mt. Prospect, IL, facility.