WP Strategic Holdings Acquires Crane Stationery
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It has been reported by numerous media outlets that Crane Stationery has been acquired by WP Strategic Holdings, a private consulting and investment firm in Albany, New York.
Terms of the deal were not disclosed.
Crane has been a part of Mohawk Fine Papers since April 2018, when Mohawk acquired Crane Stationery Corporation (North Adams, Massachusetts) for an undisclosed amount. The deal included all three premium Crane brands — Crane & Co., William Arthur and Vera Wang.
However, the future of Crane was put on hold this year in mid-February when Mohawk was acquired by Italy's Fedrigoni Group, a manufacturer of specialty papers.
But Fedrigoni only bought "certain assets" of Mohawk, namely Mohawk's two paper mills in New York — one in Cohoes and the other in Waterford. The deal also involved a distribution warehouse in Albany, NY.
Commenting on the acquisition of Mohawk, Marco Nespolo, CEO of Fedrigoni Group stated, "The majority of existing jobs in the acquired production assets in Waterford and Cohoes paper mills and the Albany Warehouse (around 230 people out of 287 or 80%) will join the Fedrigoni Group."
Todd Kletter, managing partner at WP Strategic Holdings has been quoted, "We are thrilled to welcome Crane Stationery into the WP Strategic Holdings family. Crane Stationery's unparalleled reputation for quality and craftsmanship aligns perfectly with our vision of supporting companies with a strong heritage and a dedication to excellence. Together, we are poised to unlock new opportunities for growth and maintaining its place in our nation's history.
"We are excited about the possibilities that this acquisition brings. This acquisition will enable Crane to maintain its growth initiatives, expand its reach, and continue the legacy of delivering premium stationery products to our discerning customers," Kletter concluded.
