The Crosby Group’s Combination with KITO Corporation

Kirkland & Ellis advised KKR and The Crosby Group on the deal.

The Crosby Group announced its definitive agreement to combine with KITO CORPORATION, a leading material handling manufacturer with 90 years of experience in the development and production of hoists and cranes. The business combination will be effected through a cash tender offer by The Crosby Group to acquire all of the outstanding shares of KITO CORPORATION for JPY 2,725 per share, which represents a premium of 64.3% compared to KITO CORPORATION’s undisturbed closing price on May 13, and a 61.0% premium to KITO CORPORATION’s three-month simple average closing price. 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.

The Crosby Group, a KKR portfolio company, is a global leader in the innovation, manufacturing and distribution of products and services used to make lifting and rigging safer and more efficient, with premier brands such as Crosby, Gunnebo Industries, Crosby Straightpoint, Crosby BlokCam, Crosby Airpes, Acco, McKissick, Crosby Feubo, Trawlex, Lebus, Speedbinders and Crosby IP. 

Since its founding in 1932, KITO CORPORATION has been a leading manufacturer of material handling equipment, specializing in meeting our customers’ need for lifting, transporting, and securing operations. 

The Kirkland team was led by corporate partners Jennifer Perkins (Picture), Andrew Arons and Tobias Schad, debt finance partners Eric Wedel and Matthew Leist, and also included corporate associate Sola Paterson-Marke and debt finance associate Peter Bang.

Involved fees earner: Andrew Arons – Kirkland & Ellis; Peter Bang – Kirkland & Ellis; Matthew Leist – Kirkland & Ellis; Sola Paterson-Marke – Kirkland & Ellis; Jennifer Perkins – Kirkland & Ellis; Tobias Schad – Kirkland & Ellis; Eric Wedel – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: KKR; The Crosby Group;