Columbus McKinnon to buy Kito Crosby from KKR for $2.7 bln

Investing.com-- Crane manufacturer Columbus McKinnon Corporation (NASDAQ:CMCO) said on Monday it will buy private rival Kito Crosby from funds operated by KKR & Co LP (NYSE:KKR) in an all cash deal worth $2.7 billion, adding it to its host of crane brands.

Columbus (WA:CLC) Columbus said it expects the deal to create about $70 million in cost synergies, and that the deal is also expected to be cashflow accretive within two years of closing.

The deal will be funded through $2.6 billion in committed debt financing, Columbus said, and is expected to be closed later in 2025.

The deal adds Kito to Columbus’ large portfolio of crane and material handling brands, which include CM, STAHL CraneSystems, Yale, and Magnetek.

Columbus on Monday also reported weaker-than-expected December quarter earnings, amid softer orders in the Americas, as industrial demand cooled amid uncertainty over U.S. President Donald Trump’s policies.

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