WP Strategic Holdings, a boutique private consulting and investment firm, acquired Crane Stationery, a provider of stationery products.

This follows reports of Crane’s potential closure, which emerged in February.

With this acquisition, WP Strategic Holdings expands its portfolio into the luxury goods sector. Tom O’Connor Jr, former CEO at Mohawk Paper, played a pivotal role in orchestrating the transaction, according to the company.

“We are thrilled to welcome Crane Stationery into the WP Strategic Holdings family,” said Todd Kletter, managing partner at WP Strategic Holdings. “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.”

Todd Slingerland and Adam Neary, shareholders at WP Strategic Holdings, were instrumental in the acquisition of Crane Stationery. When news of Crane’s potential closure emerge, Kletter called his team with a sense of urgency, the company reported. Slingerland and Neary rallied behind the initiative, echoing Kletter’s sentiment, “Go get it; let’s do everything we can to save 80 jobs and preserve a 223-year-old company.”

Concluded Kletter: “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.”

Crane has a one-year lease to continue to operate out of its current Cohoes, New York, plant; this represents the first time in a decade that Crane has been a standalone company, Kletter underlined. Moving forward, expect to see Crane embrace its rich history as it takes advantage of new technology to bring this classic brand fully into the 21st century.