RICHARDSON, Texas, United States – The Crosby Group, a leading provider of lifting and rigging solutions, today announced that it has completed debt financing for the previously announced tender offer for outstanding shares of KITO CORPORATION.
Debt financing for the transaction included:
- Upsized Revolving Credit Facility to $120 million (undrawn at close)
- Issuance of a new non-fungible $330 million Incremental 1st Lien Term Loan
- Issuance of a new non-fungible $50 million Incremental 2nd Lien Term Loan
Debt financing was provided by UBS AG Stamford Branch, KKR Capital Markets LLC, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and ING Capital.
The cash tender offer concluded on October 25 and the transaction is expected to close in Q1 2023, following the settlement of the cash tender offer and the completion of the squeeze-out period.
About The Crosby Group
The 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 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 and operations, the company provides a broad range of products and solutions for the most demanding 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, and securing operations. KITO CORPORATION supplies products that enhance customer safety and productivity in a wide range of worksites where heavy objects are handled, with premier brands 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, civil engineering, and manufacturing, to high-tech factories of semiconductors and liquid crystal panels and the entertainment field, KITO CORPORATION products have been widely used and have earned KITO CORPORATION a high degree of trust from customers all over the world as a leading company for material handling equipment.
