Columbus McKinnon to acquire Kito Crosby

Columbus McKinnon to acquire Kito Crosby. Image: KHL/Kito Crosby/Columbus McKinnon

Industrial crane and materials handling giant Columbus McKinnon will acquire Kito Crosby in a deal worth US$2.7 billion.

Kito Crosby is owned by global investment firm KKR. Following regulatory approvals the deal is expected to close in 2025.

Making the announcement David Wilson, Columbus McKinnon president and chief executive officer, said, “This is an important next step in further strengthening Columbus McKinnon’s position as a scaled, holistic provider of intelligent motion solutions in materials handling. We’ve long had a great respect for Kito Crosby’s strong portfolio of offerings. The business that the Kito Crosby management team, led by Robert Desel and Yoshio Kito have built is exceptional, and we look forward to welcoming them to the Columbus McKinnon team.”

For his part Robert Desel, Kito Crosby chief executive officer, said, “This deal brings together highly complementary, industry-leading brands, products and competencies with strong recurring sales dynamics. 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, simultaneously creating new opportunities for growth and development for our team members. We could not be more pleased to see these two great teams coming together.”

Columbus McKinnon is a worldwide “designer, manufacturer and marketer of intelligent motion solutions that move the world forward and improve lives by efficiently and ergonomically moving, lifting, positioning, and securing materials.” Products include chain and wire rope hoists, industrial crane components, rigging tools and digital power and motion control systems.

Kito Crosby is a global lifting equipment business with a 2024 revenue of $1.1 billion. It got its current name when the Crosby Group completed its acquisition of Kito Corporation in January 2023. It has nearly 4,000 employees and serves more than 50 countries. KKR acquired it in 2013.

Annual revenue for the newly combined company is forecast to be $2.1 billion, with an adjusted EBITDA of $486 million and an adjusted EBITDA margin of 23 %.