July 25--Winona-based Peerless Industrial Group has agreed to be acquired by an American subsidiary of Japanese industrial giant KITO Corp.
KITO Americas Inc. is buying Peerless, a maker of chains and related products, from owner Westview Capital Partners for $80 million and will cover about $43 million in debt. The deal is expected to close next month.
Peerless was founded in 1917 and operates three manufacturing locations and six distribution centers. It has annual sales of approximately $118 million and net income of $4 million to $5 million.
The Boston-based private equity firm Westview Capital has owned Peerless since 2010 when it purchased the company from another private equity group.
KITO Corp. makes hoists, cranes and overhead lifting equipment and components. KITO America operates the Harrington Hoists Inc. and KITO Canada businesses in North America.
Ned Hunter, KITO America's president and CEO, said in a release "Peerless' product portfolio integrates well with our core overhead lifting customers and also allows us to diversify our customer base."
Patrick Kennedy -- 612-673-7926
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