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New York investment firm Kohlberg, Kravis and Roberts is buying Tulsa, Oklahoma, based materials handling manufacturer Crosby Group and another smaller materials handing solution firm for $1 billion, the company announced in a news release. Crosby specializes in providing highly engineered materials handling solutions for the oil and gas industries and make lifting and rigging products such as shackles, blocks, sheaves, fittings, hooks, swivels and clamps under the brand names Crosby, McKissick, National and Lebus. KKR, the giant Wall Street private equity firms led by takeover tycoon Henry Kravis, is buying the company from Melrose Industries, a UK engineering company.

 

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