Lindsay Goldberg hired Stephen DeFalco, former chief executive officer of Crane & Co., as a partner. DeFalco will lead efforts to enhance operational and technological resources the firm provides to its portfolio companies. Crane & Co. is a supplier of currency paper and anti-counterfeiting technology to the U.S. government. Lindsay Goldberg invested in the company in 2008 and in 2011, the Crane family and Lindsay Goldberg hired DeFalco as the first external CEO in the company’s history.
Lindsay Goldberg, a leading private investment firm, today announced that Stephen P. DeFalco, former CEO of Crane & Co., has joined the firm as a Partner. Mr. DeFalco will lead the firm’s efforts in enhancing the operational and technological resources Lindsay Goldberg provides to support growth and operational excellence at its family-owned and founder-led companies.
Most recently, Mr. DeFalco served as President and CEO of Crane & Co., the primary supplier of currency paper and anti-counterfeiting technology to the U.S. Government since 1879. Founded in 1801 and one of the oldest family-owned businesses in the United States, Crane was also a leading manufacturer and marketer of specialty paper and personal stationery products. Lindsay Goldberg partnered with the Crane family in 2008, marking the first time the business had accepted outside institutional equity, and in 2011, the Crane family and Lindsay Goldberg hired Mr. DeFalco as the first external CEO in the company’s history.
Alan Goldberg, Co-Founder and CEO of Lindsay Goldberg, commented, “Following years of working closely with Stephen at Crane, we are excited to welcome him to Lindsay Goldberg. He has the distinguished experience of leading a storied family business and understands the role Lindsay Goldberg plays as a collaborative, long-term oriented partner. Stephen will serve as a valuable resource to support our partnerships with family-owned and founder-led businesses.”
“I am thrilled to join Lindsay Goldberg and to work alongside the management teams of its portfolio companies to help drive growth and nurture operational excellence,” said Mr. DeFalco. “At Crane, I came to appreciate how Lindsay Goldberg’s long-term orientation, active approach to business building, and sensitivity towards the employees and communities in which these businesses operate align well with the culture and values of great family businesses.”
At Crane, Mr. DeFalco was instrumental in aligning the company’s more than one hundred family members to support a strategic focus on growth and operational excellence. Under Mr. DeFalco’s leadership, Crane substantially expanded its currency business to become the industry’s technology leader – serving the currency programs in over 70 countries – and emerged as the fastest growing player in the industry, with over ten percent annual revenue growth while more than doubling EBITDA margins over the last several years. Crane’s constituencies valued Mr. DeFalco’s leadership and accomplishments as the company successfully completed its sale in January 2018.
Prior to joining Crane, Mr. DeFalco served as CEO of MDS, a publicly-traded global life sciences company, from the transition of the company’s founder in 2005 until MDS’s sale to Danaher Corporation. Earlier in his career, Mr. DeFalco served as CEO of Senseonics and PathoGenetix, as President of PerkinElmer Instruments, and as a strategy consultant at McKinsey & Company. Mr. DeFalco holds an MBA from the MIT Sloan School of Management, a Master of Science in Computer Engineering from Syracuse University, and a Bachelor of Science in Mechanical Engineering from MIT. Mr. DeFalco has served on the board of directors of Crane, Senseonics, MDS, PathoGenetix, and BioProcessors. He also serves on the MIT Sloan School North American Executive Board.
About Lindsay Goldberg
Lindsay Goldberg is a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. For more information about Lindsay Goldberg, please visit www.lindsaygoldbergllc.com.