Ravinia Capital LLC ("Ravinia"), a Chicago-based investment bank focused on debt financing and sell-side M&A for middle market companies, is pleased to announce the successful spin-off and financing of Crane USA ("Crane") by JPMorgan Chase. The transaction closed in early October 2020.
Launched in 2005, Crane's products include an impressive assortment of small appliances for indoor use: humidifiers, air purifiers, space heaters, fans, and other therapeutic wellness products. With sales today to over 350 customers in the United States and Canada, and to over 20 distributors internationally in more than 30 countries, Crane is a category leader in innovation and creativity.
Crane was a wholly owned subsidiary of a Hong Kong-based parent. To better capitalize on its substantial strategic growth opportunities, Crane worked closely with Ravinia Capital to successfully structure a spinoff and secure a $12 million senior committed loan facility from JPMorgan Chase to support the new standalone company. On the advisory services provided by Ravinia Capital, Dirk Niedermann, President of Crane, noted that "Ravinia worked tirelessly through these challenging economic times to secure the right financial growth partner for Crane to elevate its business to the next level and enable us to further expand domestically and globally. John Kemp's outstanding expertise in the financial markets partnered with his skill in structuring and navigating a complex transaction led to a corporate restructuring in record time to closing."
John Kemp, Partner at Ravinia Capital, added that "in the current business environment we were very happy to execute a challenging spin-off while running a robust financing process for Crane, which resulted in introducing JPMorgan Chase as a strategic financing partner. We also want to acknowledge the outstanding contributions by the other professionals who worked on this transaction, who made many valuable contributions to help position Crane for future success."