KKR Acquiring Two Industrial-Product Makers From Melrose
KKR will acquire Tulsa, Oklahoma-based Crosby Group and York, Pennsylvania-based Acco Material Handling Solutions, the New York-based buyout firm said in a statement yesterday. The deal is expected to be completed by year-end.
“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,” Pete Stavros, head of KKR’s industrials investing team, said in the statement.
Crosby makes hooks, slings and other items used in lifting and rigging equipment in the oil and gas, construction and mining industries. Acco’s products include hoists, carts and trailers used in manufacturing.
In a separate deal, KKR agreed to purchase a stake in Weststar Aviation Services Sdn. for 642 million ringgit ($200 million), marking the firm’s first investment in Malaysia.
The transaction will give KKR a “substantial minority” stake in Weststar, which provides offshore helicopter transportation services to oil and gas companies, according to a joint statement by the firms.
KKR in July completed a $3.85 billion buyout of Gardner Denver Inc., which makes industrial equipment such as compressors and pumps.
Melrose, based in London, buys manufacturing companies with the intention of improving their performance and selling them. In August it sold Marelli Motori SpA, an Italian maker of electric generators and motors, to Carlyle Group LP for 212 million euros ($287 million).
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