Columbus McKinnon Corp. announced Monday that it has reached an agreement to acquire fellow material handling equipment maker Kito Crosby for an estimated $2.7 billion.
Kito Crosby was formed by the Crosby Group’s acquisition of Kito Corp. in 2023. The company, owned by investment firm KKR, serves customers in more than 50 countries and has a workforce of nearly 4,000.
Officials said that the combined company would feature an even greater scale and a stronger presence in vital regions and markets.
“Through this strategic combination, we're creating a company that is extremely well-positioned to deliver real-world solutions for customers, with favorable tailwinds from megatrends, including reshoring, infrastructure investment, modernization of aging industrial facilities, and rising automation needs due to labor shortages,” Columbus McKinnon President and CEO David Wilson said in the announcement.
“With the benefit of additional scale, and shared best practices and technology, we will be better positioned to meet our customers' needs than ever before,” added Kito Crosby CEO Robert Desel.
The deal is expected to close later in the year, subject to regulatory approvals and other customary closing conditions.
As part of the acquisition, private equity firm CD&R has made an investment in Columbus McKinnon and will take three seats on the company’s board, held by CEO Nate Sleeper, partner Andrew Campelli and operating adviser Michael Lamach, the former CEO of Trane Technologies.
