The Crosby Group (“Crosby”), a global leader in lifting, rigging, and load securement hardware, announced that all global team members will now participate in the equity growth of the business.
This program, designed and supported by KKR who acquired Crosby in 2013, provides every team member employed at the time of a future sale or liquidity event, regardless of location or role, with a meaningful financial stake in Crosby’s growth. KKR and Crosby firmly believe that broad based employee ownership is a key pillar in driving employee engagement and, in turn, building a stronger business.
Robert Desel, CEO of Crosby, said: “All 1,400 of our global team members impact the value of the business and should see the benefit from the value they help to create. This innovative program does exactly that and will fuel the legendary passion and dedication that has made The Crosby Group what it is today.”
Desel continued: “This program provides incredible alignment across the entire team, right through to KKR, elevating employee engagement and furthering our shared commitment to our core values of safety, reliability and innovation. Our dedicated team members, together with our valued channel partners, will continue the delivery of best-in-class lifting and rigging solutions and support of end users around the world.”
Pete Stavros, Co-Head of Americas Private Equity at KKR, added: “Crosby has a long, rich heritage of market leadership and innovation fueled by the dedication of its employees, many of whom have been part of The Crosby Group team for decades. We, alongside The Crosby Group management team, are thrilled to bring this program in order to commemorate these contributions and align every employee through ownership in Crosby’s equity appreciation.”