The way Charles Kittredge sees it, private equity took his familyâs company, Crane Currency, to a new level. Thatâs saying a lot for a business thatâs been around for 217 years.
Ten years ago, things were changing at the bank note producer, which has had the contract to make currency paper for the U.S. Treasury since 1879. Crane had repositioned itself as a currency business and had expanded internationally. The family shareholder base had grown, and some lacked strong emotional ties to the business. A few owners wanted to sell some shares. At the same time, company leaders wanted to continue to grow the enterprise.