The Crosby Group and KITO CORPORATION to Combine, Creating Integrated Lifting Solutions Provider
The Crosby Group, a global leader in lifting and rigging, and KITO CORPORATION, a leading material handling manufacturer with 90 years of experience in the development and production of hoists and cranes, have entered into a definitive agreement to combine both businesses. The tender offer is expected to be completed in the second half of this year, subject to customary closing conditions including regulatory clearances from relevant authorities. Until close, The Crosby Group and KITO CORPORATION will continue to operate as separate, independent companies. KITO CORPORATION also issued a press release statement of support for the planned transaction.
The combined company will be better resourced, and ultimately better positioned to serve customers, team members, and communities globally through additional investment in products, people, and facilities. The combination will further foster innovation and enable customers to benefit from a broader portfolio of products across a global landscape as well as increased levels of service, support, and training. Additionally, the parties’ geographically complementary operations have the potential to accelerate growth through an expanded and diversified geographic footprint.
SMBC Nikko served as lead financial advisor and Mizuho Securities USA LLC acted as financial advisor, and Kirkland & Ellis and Mori Hamada & Matsumoto acted as legal advisors for The Crosby Group. Debt financing is being provided by UBS Investment Bank, KKR Capital Markets, and Sumitomo Mitsui Banking Corporation. Nomura acted as financial advisor and Nishimura & Asahi acted as legal advisor for KITO CORPORATION.
For more information, visit https://www.harringtonhoists.com.
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