NEW YORK--(BUSINESS WIRE)--Global investment firm KKR announced today the signing of a definitive agreement to acquire The Crosby Group (“Crosby”) and Acco Material Handling Solutions (“Acco”) from Melrose Industries PLC for approximately $1.0 billion.
With roots dating back to 1885, Crosby is a leading global provider of highly engineered solutions for lifting and rigging applications across the oil and gas, construction, mining and industrial sectors. Headquartered in Tulsa, Oklahoma, Crosby has over 1,300 employees globally and is known for its iconic brands, including Crosby, McKissick, National and Lebus.
Acco, headquartered in York, Pennsylvania, has 130 employees and provides custom-built specialty material handling equipment, including a full line of hoists, industrial cranes, monorails, carts and trailers that are sold under the well-recognized Louden, Wright and Nutting brands.
Pete Stavros, a Member of KKR and Head of the Industrials investing team, stated: “Crosby and Acco have long and distinguished histories of providing distributors and end customers with the highest quality products and customer support to meet their lifting and rigging needs. We are excited to partner with the many dedicated employees of both companies and look forward to working together to begin a new chapter of growth and global expansion.”
The transaction is subject to customary regulatory approvals and is expected to close in the fourth quarter of 2013.
Rothschild and Simmons & Company International served as lead financial and M&A advisors to KKR, and Morgan Stanley, UBS Investment Bank, and RBC Capital Markets also served as M&A advisors. Fully committed financing will be provided by Morgan Stanley, UBS Investment Bank, and KKR Capital Markets. Kirkland & Ellis LLP served as legal counsel to KKR.
About KKR
Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $83.5 billion in assets under management as of June 30, 2013. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with fund investors through its client relationships and capital markets platform. KKR & Co L.P. is publicly traded on the New York Stock Exchange (NYSE:KKR), and "KKR," as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate.
About the Crosby Group and Acco Material Handling Solutions
Crosby and Acco are global market leaders in the design, manufacture and marketing of highly-engineered solutions and accessories used in lifting, rigging and material handling applications. Headquartered in Tulsa, OK, Crosby manufactures lifting and rigging products, such as shackles, blocks, sheaves, fittings, hooks, swivels, and clamps under leading brands, which include Crosby, McKissick, National and Lebus. Headquartered in York, PA, Acco manufactures specialty material handling solutions under the well-recognized Louden, Wright and Nutting brands.
