Bain, Advantage Partners Eyeing Exit of MEI Conlux
December 27, 2012
MEI Conlux, a payment solution provider and a portfolio company of Bain Capital and Advantage Partners, has agreed to be acquired by Crane (NYSE: CR) for approximately $820 million. The deal is expected to close in the second quarter of 2013. MEI Conlux manufactures unattended transaction systems, serving customers in the transportation, gaming, retail, service payment and vending markets. Its distribution network reaches more than 90 countries worldwide. Its pair of PE backers acquired the company from Mars, Incorporated in a 2006 corporate divestiture. From 2009 to 2012, sales have grown at a 13% compound annual growth rate and EBITDA margins have increased to 21%.