Kito and Crosby partnership deal confirmed
2 November 2022Kito Corporation has announced the completion of the deal that will see it and The Crosby Group become a combined entity.
As of yesterday (1 November 1 2022), Kito has been acquired by Lifting Holdings, which along with Crosby US and Crosby UK is owned by Kohlberg Kravis Roberts (KKR), a US private equity fund.
As a result of Lifting Holding's acquisition of Kito's shares, both Kito and Crosby are now under KKR. The two companies will proceed together in “a merger of equals” for a smooth integration and maximisation of the corporate value of the combined group.
The tender offer conducted to acquire the shares and stock acquisition rights of Kito Corporation by Lifting Holdings was completed on 25 October 2022.
Kito announced that 15,902,417 shares and stock acquisition rights were tendered, and since the tendered shares exceeded the minimum number of shares to be purchased – 13,817,400 – the tender offer had been successfully consummated, with Lifting Holdings purchasing all of the tendered shares.
As a result, Lifting Holdings will be the Kito’s new parent company,and the largest shareholder, as of 1 November 2022, the settlement date of the tender offer.
Speaking about the deal earlier in the year, Robert Desel, CEO, The Crosby Group, said: “Pairing our highly complementary product portfolios gives our global customer base access to a broad range of lifting and material handling solutions from one trusted source. Together we will create compelling value for our stakeholders globally. Kito Corporation shares our core values of safety, reliability and innovation.”
Kito was founded in 1932, and provides products such as chain hoists, lever hoists, wire-rope hoists and cranes, to chain, slings, hooks to customers in over 50 nations.
(This story was updated on Thursday 3 November 2022)
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