KKR to Acquire The Crosby Group and Acco Material Handling Solutions
NEW YORK -- October 9, 2013
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.
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
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.
Kristi Huller, 212-230-9722
Nina Suter/Michael Turner, +44 207 251 3801
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