(Reuters) - Private equity firm KKR & Co LP (KKR.N) said it would buy lifting equipment company Crosby Group and specialty material handling equipment maker Acco Material Handling Solutions from Melrose Industries Plc (MRON.L) for about $1 billion.
Reuters first reported on Sunday that KKR and British engineering company Melrose were close to finalizing a deal for Crosby Group.
The transaction is expected to close fourth quarter, KKR said.
“Crosby and Acco have long and distinguished histories of providing distributors and end customers with the highest quality products and customer support to meet their lifting and rigging needs,” KKR’s industrials investing team head Pete Stavros said.
Crosby, headquartered in Tulsa, Oklahoma, has over 1,300 employees globally. Acco is based in York, Pennsylvania and has 130 employees.
Rothschild and Simmons & Co International was the lead financial and merger and acquisition adviser to KKR, while Morgan Stanley, UBS Investment Bank, and RBC Capital Markets also acted as M&A advisers.
Reporting by Neha Alawadhi in Bangalore; Editing by Carol Bishopric