KKR & Co. L.P. (NYSE:KKR) has almost complete its deal with Crosby Group LLC, a private equity firm , according to the deal KKR will acquire the lifting equipment company for approximately $1 billion, revealed on Sunday by the source have a knowledge with the matter.
Crosby Group, which is a division of Melrose Industries Plc, which is a British engineering company, has said the deal of one of its unit will be declared on Monday or even earlier, the source has revealed.
When ask from the company rep regarding the sale of one of its unit, he said it was previously declared that the sale of Crosby is in progress, and the parent company is currently in discussion with various interested parties for the sale of unit. But rep for New York based company did not instantly reply to requests for a comment.
JPMorgan Chase & Co (NYSE:JPM) is assisting the Tulsa, Oklahoma-based Crosby, in the deal. The company, which mostly deals in manufacturing blocks and lifting fittings for the gas and oil, mining and construction firms, has also drawn bid from other private equity companies, which mostly include CCMP Capital LP and Warburg Pincus LLC, plus industrial product manufacturers company Columbus McKinnon Corp. (NASDAQ:CMCO), according to source who revealed last week.
This would be the second major industrial deal for New York-based firm in 2013, previously the firm in March, settled to purchase compressors and pumps manufacture Gardner Denver Inc for $3.9 billion, a arrangement that ended in July. KKR & Co. L.P. (NYSE:KKR) shares dropped -0.57% to $20.88 in last trading session.
While in June, the British firm Melrose is decided to sell its electric motors and generators unit Marelli Motors for $287 million or 212 million Euros to, Carlyle Group LP, another private equity firm. The firm also revealed in August, in first six months of year iits revenue becomes two folds after acquisition of Elster Group SE for $2.3 billion.
The UK, London based company itself pursue a private equity-type form of investing in firms, developing their capability and later on selling them. The firm in 2008 purchases Crosby as part of its $1.6 billion or 1 billion pound acquisition of engineering company FKI Plc.
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