KKR plans new financing for purchase of Crosby Group and Acco

By Sara Rosenberg

New York, Oct. 9 - KKR has received a financing commitment from Morgan Stanley, UBS Investment Bank and KKR Capital Markets to help fund its acquisition of the Crosby Group and Acco Material Handling Solutions, according to a news release.

The companies are being purchased from Melrose Industries plc for about $1 billion.

Closing is expected in the fourth quarter, subject to customary regulatory approvals.

Crosby is a Tulsa, Okla.-based provider of highly engineered solutions for lifting and rigging applications across the oil and gas, construction, mining and industrial sectors. Acco is a York, Pa.-based provider of custom-built specialty material handling equipment, including a full line of hoists, industrial cranes, monorails, carts and trailers.

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