According to the Winona Daily News, ownership of Peerless Industrial Group will change later this summer, but Peerless officials say the move shouldn’t have a huge impact on the company’s operations.
Peerless will be bought by KITO Americas, the largest subsidiary of the Japanese KITO Corporation, from Boston private equity firm WestView Capital Partners II through a stock purchase agreement. In a release, KITO Corporation said it acquired Peerless’ shares for approximately $80 million, including an estimated $3 million advisory fee. As part of the agreement it will provide Peerless with a fund to help cover the company’s $43 million of debt. The closing is expected to be finalized in late August.
Kito also runs subsidiaries Harrington Hoists, Kito Canada, and Kito do Brasil.