Global investment firm KKR has agreed to acquire The Crosby Group, Tulsa, OK, and Acco Material Handling Solutions, New York, PA, from Melrose Industries PLC for approximately $1 billion.
Crosby is a global provider of highly engineered solutions for lifting and rigging applications across the oil and gas, construction, mining and industrial sectors. Crosby has more than 1,300 employees globally and is known for its Crosby, McKissick, National and Lebus brands.
Acco has 130 employees and provides custom-built specialty material handling equipment, including hoists, industrial cranes, monorails, carts and trailers that are sold under the Louden, Wright and Nutting brands.
The transaction is expected to close in the fourth quarter.