The Crosby Group manufactures lifting and rigging products, such as shackles, blocks, sheaves, fittings, hooks, swivels, and clamps used in the oil and gas, construction, mining and industrial sectors. Brand names include Crosby, McKissick, National and Lebus. Crosby has over 1,300 employees and is headquartered in Tulsa, OK (www.thecrosbygroup.com).
Acco manufactures material handling products including monorail cranes and hoists, grabs, lifters, tracks, crane components, hand trucks, and casters. Brand names include Louden, Wright and Nutting. The company has approximately 130 employees is headquartered in York, PA (www.accomhs.com).
“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,” said Pete Stavros, a Member of KKR and Head of the firm’s Industrials investing team.
KKR makes private equity, fixed income and other investments in companies in North America, Europe, Asia and the Middle East. The firm has $83 billion in assets under management. In addition to its New York headquarters the firm has offices in Menlo Park, San Francisco, Houston, Washington DC, London, Paris, Hong Kong, Tokyo, Beijing, Mumbai, Dubai and Sydney (www.kkr.com).
Fully committed financing for this transaction will be provided by Morgan Stanley, UBS Investment Bank, and KKR Capital Markets.
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. Kirkland & Ellis served as legal counsel to KKR.
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-10-13