KKR nears deal to buy Crosby Group for $1bn


oil_derrick_170sqPrivate equity firm KKR is reportedly set to acquire Crosby Group in a deal that wuill value the lifting equipment maker at around $1bn.

KKR is currently finalising an agreement to buy the Oklahoma-based business from British engineering group Melrose Industries and a deal could be announced as soon as today, said Reuters, citing two people familiar with the matter.

“As previously announced, the Crosby sale process is under way and we remain in discussion with a number of interested parties,” said a Melrose spokeswoman, according to the report.

Crosby manufactures lifting fittings, blocks and sheaves for oil and gas, construction and mining companies.

Other private equity firms including Warburg Pincus and CCMP Capital had made offers for Crosby, which has hired JP Morgan Chase to handle the sale process, said the report, citing people familiar with the matter.

In June this year it was reported that melrose was looking to exit its manufacturing businesses Crosby and Acco.

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