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
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.
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
Nina Suter/Michael Turner, +44 207 251 3801
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