09.12.2013

KKR to take Crosby

Global private equity firm KKR is to acquire rigging equipment and crane accessory manufacturer Crosby from Melrose Industries along with Acco Material Handling Solutions for around $1billion.
With roots dating back to 1885, Crosby is based in Tulsa, Oklahoma and trades under the Crosby, McKissick, National and Lebus brands, with almost 1,300 employees.

Acco is based in York, Pennsylvania and produces a range of custom built material handling equipment, including a full line of hoists, industrial cranes, monorails, carts and trailers that are sold under the Louden, Wright and Nutting brands. It employs around 130.

Pete Stavros of KKR said: “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.