For Immediate Release:
The Crosby Group to Commence Cash Tender Offer for All
Outstanding Shares of KITO CORPORATION
Completion of regulatory clearances marks key step in agreed combination process
announced by both companies on May 16
Business combination of The Crosby Group and KITO CORPORATION to create a global
provider of comprehensive lifting solutions

RICHARDSON, Texas, United States, and SHOWA-CHO, Yamanashi, Japan,
September 22, 2022 – The Crosby Group, a leading provider of lifting and rigging solutions,and KITO CORPORATION, a leading manufacturer of material handling equipment with 90years of experience in the development and production of hoists and cranes, today
announced that they have secured all regulatory clearances for their business combinationand that The Crosby Group will commence a cash tender offer to acquire all outstanding
shares of KITO CORPORATION for JPY 2,725 per share on September 26. The cash tender
offer price represents a premium of 64.3% compared to KITO CORPORATION’s
undisturbed closing share price on May 13, the last trading day before the transaction wasoriginally announced.
The cash tender offer will commence on September 26 and the transaction is expected toclose in Q1 2023, following the settlement of the cash tender offer and the completion of thesqueeze-out period.
The proposed combination will bring together the complementary capabilities, geographic
footprints, and product portfolios of two industry-leading companies to better serve
customers, team members, and communities. Well-positioned to accelerate growth throughinvestments in its products, people, and facilities, the combined company will bringcustomers a broader portfolio of products, globally, and provide increased levels of service,support, and training.
Robert Desel, CEO of The Crosby Group, said: “The receipt of regulatory clearances andcommencement of the cash tender offer are key milestones as we work toward thecompletion of our business combination with KITO CORPORATION and thus the creation ofa global provider of comprehensive lifting solutions.
“Pairing our highly complementary product portfolios gives our global customer base accessto a broad range of lifting and material handling solutions from one trusted source. Together
we will create compelling value for our stakeholders globally. KITO CORPORATION shares
our core values of safety, reliability, and innovation, and we look forward to completing thisprocess.”
Yoshio Kito, CEO of KITO CORPORATION said: “We are pleased to have received thenecessary regulatory clearances. We believe this combination creates excellent value for all
stakeholders, and we are excited to build upon a combined business to better serve ourcustomers, team members, and communities. This combination will allow us to grow as a
global business and provide our customers with expanded, best-in-class product offerings,
with the same dedication and support to which they are accustomed.”SMBC Nikko serves as the tender offer agent as well as lead financial advisor, Mizuho
Securities USA LLC acted as financial advisor, and Kirkland & Ellis LLP and Mori Hamada &Matsumoto acted as legal advisors for The Crosby Group. Debt financing is being provided by
UBS Investment Bank, KKR Capital Markets, Sumitomo Mitsui Banking Corporation, Mizuho
Bank, and ING Capital. Nomura acted as financial advisor and Nishimura & Asahi acted aslegal advisor for KITO CORPORATION.
About The Crosby GroupThe 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 saferand more efficient, with premier brands such as Crosby, Gunnebo Industries, Crosby
Straightpoint, Crosby BlokCam, Crosby Airpes, Acco, McKissick, Crosby Feubo, Trawlex,Lebus, Speedbinders, and CrosbyIP. With global engineering, manufacturing, distribution andoperations, The Crosby Group provides a broad range of products and solutions for the mostdemanding applications with uncompromising quality that exceed industry standards.
About KITO CORPORATION
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, andsecuring operations. KITO CORPORATION supplies products that enhance customer safety
and productivity in a wide range of worksites where heavy objects are handled, with premierbrands such as KITO, Harrington, Peerless, Jiangyin, Erikkila, Van Leusden, KITO
Weissenfels, SCC, and Fall Safe. From the factory floors of key industries, such asconstruction, civil engineering, and manufacturing, to high-tech factories of semiconductors
and liquid crystal panels and the entertainment field, KITO CORPORATION products havebeen widely used and have earned KITO CORPORATION a high degree of trust fromcustomers all over the world as a leading company for material handling equipment.
Media Contacts
The Crosby GroupFor Japan
Jochen Legewie, Kekst CNC Tokyo
Email: Crosby-Media-Relations-Japan@kekstcnc.com, Tel: +81-(0)3-5156-0185
For United States and Rest of the World
Melissa Ruths, The Crosby Group
Email: melissa.ruths@thecrosbygroup.com, Tel: +1 (214) 974-9714
KITO CORPORATION
Tsuyoshi Oshita, KITO CORPORATION
Email: pr@kito.com, Tel: +81-(0)3-5908-0161