The Firm is representing Melrose Industries PLC (“Melrose”), a UK based FTSE 100 company, on the sale of The Crosby Group (“Crosby”) and Acco Material Handling Solutions (“Acco”) to Kohlberg Kravis Roberts & Co. L.P. for an enterprise value of US$1.01 billion. Crosby and Acco manufacture and sell hooks, slings, hoists and other lifting and rigging equipment used in, amongst other things, the oil, gas, mining and manufacturing industries.
The sale was announced on October 10, 2013 and is conditional upon, amongst other things, obtaining anti-trust clearances in various jurisdictions, including the United States, and is targeted for completion during 2013.
The Simpson Thacher team for the transaction included Adam Signy, James Connor, Tom Merrifield, Jamie Rowles and Aled Knights (Corporate); Euan Gorrie (Credit); David Vann and Ellen Frye (Antitrust); and Gary Mandel and Andrew Purcell (Tax).
