KKR to buy Crosby Group and Acco Material for $1 bln

Reuters

Oct 9 (Reuters) - Private equity firm KKR & Co LP said it would buy lifting equipment company Crosby Group andspecialty material handling equipment maker Acco MaterialHandling Solutions from Melrose Industries Plc forabout $1 billion.

Reuters first reported on Sunday that KKR and Britishengineering company Melrose were close to finalizing a deal forCrosby Group.

The transaction is expected to close fourth quarter, KKRsaid.

"Crosby and Acco have long and distinguished histories ofproviding distributors and end customers with the highestquality products and customer support to meet their lifting andrigging needs," KKR's industrials investing team head PeteStavros said.

Crosby, headquartered in Tulsa, Oklahoma, has over 1,300employees globally. Acco is based in York, Pennsylvania and has130 employees.

Rothschild and Simmons & Co International was the leadfinancial and merger and acquisition adviser to KKR, whileMorgan Stanley, UBS Investment Bank, and RBC Capital Marketsalso acted as M&A advisers.

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