KKR nears acquisition of lifting-equipment firm for $1B

|About: KKR (KKR)|By:, SA News Editor

KKR (KKR) is reportedly close to finalizing an agreement to buy Oklahoma-based lifting-equipment company Crosby Group for $1B from U.K. engineering firm Melrose Industries.

Crosby had also attracted interest from industrial-products companies Actuant (ATU) and Columbus McKinnon (CMCO), as well as from other private-equity firms.

A deal for Crosby, which could be announced today, would represent KKR's second major industrial transaction this year, with the P-E company purchasing pumps and compressors maker Gardner Denver for $3.9B.