UK investor Melrose Industries nears deal to sell Crosby Group

 
Michael Bow
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MELROSE Industries, the UK manufacturing investor, is nearing a deal to sell heavy lifting company Crosby Group.

Melrose, listed on the FTSE, put the US-based company on the block earlier this year and is thought to have received a slew of offers for the business.

Buyout shop KKR, which pioneered the practice of buying firms in the 1970s and 1980s, is leading a pack of firms, including Warburg Pincus and Columbus McKinnon Corp, chasing the company, which makes lifting equipment used in the oil and gas sector. However, KKR is not guaranteed to land the deal, a source said. Reports had suggested it was the frontrunner.

“As previously announced, the Crosby sale process is under way and we remain in discussion with a number of interested parties,” Melrose said.