Oct 2 Industrial products makers Actuant Corp
and Columbus McKinnon Corp are among the
bidders for Crosby Group LLC, a lifting equipment company that
is valued at around $1 billion, several people familiar with the
matter said this week.
Crosby, a unit of British engineering firm Melrose
Industries Plc, has also attracted private equity
offers, including from KKR & Co LP, Warburg Pincus LLC,
TPG Capital LP and CCMP Capital LP, the people said.
The management of Tulsa, Oklahoma-based Crosby has already
met with potential buyers and the company will soon seek final
bids, the people added, asking not to be identified because
details of the sale process are confidential.
"Actuant has a robust mergers and acquisitions pipeline and,
while I cannot comment on specific deals, our funnel has, and
will continue to contain, a combination of potential tuck-in and
larger transactions," Actuant spokeswoman Karen Bauer said in a
response to a request for comment.
Representatives for Melrose Industries, Columbus McKinnon
and TPG did not reply to requests for comment while KKR, Warburg
Pincus and CCMP declined to comment. Melrose has previously said
it expects to sell Crosby by the end of 2013.
Crosby, which makes lifting fittings and blocks for the oil
and gas, construction and mining sectors, is working with
JPMorgan Chase on the sale, people familiar with the
matter said in July.
In June, Melrose agreed to sell its generators and electric
motors unit Marelli Motors to another private equity firm,
Carlyle Group LP, for 212 million euros ($287 million).
Melrose itself follows a private equity-type model of
investing in companies, improving their performance and then
selling them. It acquired Crosby in 2008 as part of its 1
billion pounds ($1.6 billion) takeover of engineering
conglomerate FKI Plc.
In August, Melrose said first-half revenue more than doubled
thanks to its $2.3 billion acquisition of Elster Group SE, which
makes meters for measuring gas, water and electricity