Crosby Starts Employee Ownership Program
August 2, 2021 -- The Crosby Group (Crosby), a global leader in lifting, rigging, and load securement hardware, has started an employee-ownership program that lets all global team members participate in the equity growth of the business.
Designed and supported by KKR, who acquired Crosby in 2013, the new program 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.
“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,” said Crosby CEO Robert Desel. “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 added that the program provides alignment across the entire team, through to KKR, and that the alignment elevates employee engagement and furthers shared commitment to Crosby’s 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,” Desel said.
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.”