For Immediate Release:
The Crosby Group and KITO CORPORATION complete business combination
Creates global provider of comprehensive lifting solutions
RICHARDSON, Texas, United States, and SHOWA-CHO, Yamanashi, Japan, January 30,
2023 – The Crosby Group, a leading provider of lifting and rigging solutions, and KITOCORPORATION, a leading manufacturer of material handling equipment with 90 years ofexperience in the development and production of hoists and cranes, today announced thecompletion of their business combination.
Today’s announcement follows the settlement of The Crosby Group’s cash tender offer for all
outstanding shares of KITO CORPORATION for JPY 2,725 per share and the completion of therelated squeeze-out process and de-listing of KITO CORPORATION from the Tokyo StockExchange.
This combination, under the name Kito Crosby, brings together two industry-leading companies
with complementary geographic footprints and product portfolios to better serve customers,
team members, and their global communities. The combined company will invest in its people,
products, and facilities to advance innovative solutions for customers, who will benefit fromexpanded service, support, and training.
Under the new entity, Kito Crosby team members will be participants in the employee ownershipprogram.
Robert Desel, CEO of Kito Crosby, said: “I am thrilled to announce we have completed thebusiness combination of The Crosby Group and KITO CORPORATION to form Kito Crosby, aglobal provider of comprehensive lifting solutions. Together, our highly complementary productportfolios and mutual commitments to safety, reliability, and innovation will create exceptional
value for our customers and other stakeholders. I am honored to be leading this organizationand its 4,000 team members around the world to bring together two amazing businesses withrich traditions and histories.
“I am very excited to announce that under the combined company we will be extending ourexpanded employee ownership program to Kito Crosby team members. We firmly believe thateveryone contributes to the success of the company and should benefit from their efforts,” Mr.
Desel concluded.
Yoshio Kito, Chairman of the Board of Kito Crosby said: “This combination represents significant
value creation for our customers, employees, shareholders, and communities. We are excited tocontinue growing as a combined business and to develop incremental opportunities for ourexisting and new customers across the world with expanded product offerings and solutions,while maintaining the same support and commitment they have come to expect.”
SMBC Nikko served 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 byUBS Investment Bank, KKR Capital Markets, Sumitomo Mitsui Banking Corporation, Mizuho
Bank, and ING Capital. Nomura acted as financial advisor and Nishimura & Asahi acted as legal
advisor for KITO CORPORATION.
ABOUT THE CROSBY GROUPThe Crosby Group, a KKR portfolio company, is a global leader in the innovation, manufacturingand 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 CrosbyIP. With global engineering, manufacturing, distribution andoperations, the company 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 as construction, civilengineering, and manufacturing, to high-tech factories of semiconductors and liquid crystal
panels and the entertainment field, KITO CORPORATION products have been widely used andhave earned KITO CORPORATION a high degree of trust from customers all over the world asa leading company for material handling equipment.
MEDIA CONTACTSFor Japan:
Tsuyoshi Oshita, KITO CORPORATION
pr@kito.com+81-(0)3-5908-0161
Jochen Legewie, Kekst CNC Tokyo
crosby-media-relations-japan@kekstcnc.com+81-(0)3-5156-0185
For United States and Rest of the World:
Melissa Ruths, The Crosby Groupmelissa.ruths@thecrosbygroup.com+1 (214) 974-9714