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The Crosby Group to Commence Cash Tender Offer for All Outstanding Shares of KITO CORPORATION

The Crosby Group, a leading provider of lifting and rigging solutions, and KITO CORPORATION, a leading manufacturer of material handling equipment with 90 years of experience in the development and production of hoists and cranes, announced that it has secured all regulatory clearances for its business combination and that The Crosby Group will commence a cash tender offer to acquire all outstanding shares of KITO CORPORATION
The cash tender offer will commence on September 26 and the transaction is expected to close in Q1 2023, following the settlement of the cash tender offer and the completion of the squeeze-out period.

The proposed combination will bring together the complementary capabilities, geographic footprints, and product portfolios of two industry-leading companies to better serve customers, team members, and communities. Well-positioned to accelerate growth through investments in its products, people, and facilities, the combined company will bring customers a broader portfolio of products, globally, and provide increased levels of service, support, and training.

SMBC Nikko serves as the tender offer agent as well as lead financial advisor, Mizuho Securities USA LLC acted as financial advisor, and Kirkland & Ellis LLP and Mori Hamada & Matsumoto acted as legal advisors for The Crosby Group. Debt financing is being provided by UBS Investment Bank, KKR Capital Markets, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and ING Capital. 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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