(Bloomberg) -- KKR & Co. is considering options for Kito Crosby including a sale and is working with an adviser to run an auction process for the machinery maker, according to people familiar with the matter.
The investment firm is seeking a valuation of around $3 billion for Kito, said one of the people, who asked not to be identified because they weren’t authorized to speak publicly. The company generates about $250 million in earnings before interest, taxes, depreciation and amortization and is expected to be valued at as much as 13 times that, the person said.
Kito is expected to attract interest from fellow sponsors and industry peers, the people said. KKR hasn’t made a final decision on pursuing a sale and could opt to keep Kito, they added. Representatives for KKR and Kito declined to comment.
KKR originally invested in Crosby Group in 2013, buying the business from Melrose Industries along with Acco Material Handling solutions in a $1 billion deal. The investment firm then led a take-private of Kito in 2023 and merged the businesses to form Kito Crosby. Like many KKR portfolio companies, Kito has an employee ownership program that would give its 4,000 staff a share of the proceeds in any future sale.
Japan-based Kito sells a range of products and services used to make lifting, rigging, transporting and securing operations safer in industries ranging from oil and gas to food processing. Its brands include include Crosby, Harrington and Peerless.
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