Columbus McKinnon to Buy Kito Crosby From KKR for $2.7 Billion

Columbus McKinnon Corp. has agreed to buy machinery maker Kito Crosby from KKR & Co. in a transaction valued at $2.7 billion.

The all-cash deal is being financed by JPMorgan Chase & Co. and an $800 million perpetual convertible preferred equity investment from CD&R, according to a statement Monday. Bloomberg News reported in July that KKR was considering options for Kito Crosby including a sale.

Shares of Columbus McKinnon rose 3.6% to $35.48 in New York trading Monday, giving the Charlotte, North Carolina-based company a market value of about $1 billion.

Kito Crosby sells a range of products and ...