Milbank LLP represented UBS AG, Stamford Branch, as administrative agent, and UBS Securities LLC, Sumitomo Mitsui Banking Corporation, KKR Capital Markets LLC, Mizuho Bank, Ltd. and ING Capital LLC, as arrangers, in connection with providing financing to Crosby US Acquisition Corp. (a KKR portfolio company). The proceeds were used to finance The Crosby Group’s acquisition of KITO Corporation, a Japanese public company, for a purchase price of 56.48 billion yen ($438 million based on the exchange rates as of the day of the announcement of the transaction on May 16, 2022) via a Japanese tender offer process.
Headquartered in Japan, KITO Corporation is a material handling equipment manufacturer that provides products such as chain hoists, lever hoists, wire rope hoists and cranes to customers in over 50 nations.
The Crosby Group is a manufacturer and distributor of rigging, lifting and material handling hardware, serving the land-based and offshore energy, construction and infrastructure, cargo handling and towing, marine, mining and transportation industries.
The Milbank team was led by New York-based Global Leveraged Finance partner Marcus Dougherty and special counsel Meir Hornung along with associates Christopher Hahm, Nicole Rose and Catherine Matuska and assistance from Tokyo-based Global Project, Energy and Infrastructure Finance partners Aled Davies and Andrew Pendleton.
