Crane NXT Co, the maker of products including gaming products, said it has entered into a "definitive agreement" with Investcorp Technology Partners to acquire OpSec Security Group Ltd for "$270 million in cash."
"Under the usual closing conditions, we expect the transaction to close in the second quarter of 2024," Crane NXT said in a press release on Monday.
OpSec provides research services related to the field as well as anti-counterfeiting technology. It is also involved in protecting online brands for government agencies and businesses.
Crane NXT said the acquisition will expand its capabilities on "physical and digital product certification and anti-counterfeiting technology" as OpSec enters North America, Europe and Asia.
Opsec "is expected to generate approximately $130 million in revenue in fiscal 2024," according to the release
Crane NXT said it expects the acquisition to boost adjusted earnings per share in 2025 and achieve "double-digit" return on investment capital in year 5.
The deal does not include the acquisition of intellectual property management firm Zaco. Zaco was acquired by OpSec last year but will remain at Investcorp, the update noted.
"The parties intend to continue their business relationship after the acquisition of OpSec and Zaco," it added.
"Opsec is very well suited to our portfolio of technologies that protect, detect and certify our customers' most valuable assets," the statement said, citing Aaron Sak, president and CEO of Crane NXT
"This acquisition will enable us to leverage our complementary expertise in anti-counterfeiting technology and drive growth and sustainable value creation as a trusted partner for our customers," he added
Selva Selvaratnam, CEO of OpSec, said in prepared remarks that the deal would "accelerate" the company's growth.
"Together, we will be better positioned to help our customers realize value and ensure the integrity of our physical and digital brand portfolio, from products and content to trademarks and trust," Mr. Selvaratnam said.
In mid-February, Crane NXT reported full-year 2023 net income of $1.39 billion, a 3.8% year-over-year increase. Operating income was $286.8 million, compared to $311.3 million in 2022.
Mr Saak said at the time of the February announcement that the company was "well positioned" to execute its growth strategy "organicly and through acquisitions."
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