US-based Crosby Group acquires offshore mooring specialist Feubo
PRESS RELEASE – Lifting and rigging specialist Crosby Group has acquired Feubo, has completed the acquisition of Feubo, a supplier of offshore mooring components for the oil and gas and wind energy markets.
The acquisition, effective January 14, 2020, includes the Feubo facility located in Hattingen, Germany that will become Crosby’s centre of excellence for mooring components, as well as a key engineering and innovation centre.
Crosby is a US-based manufacturer of accessories used in lifting, rigging and securement applications like wire rope clips, hooks, shackles, lifting clamps, while Feubo supplies products such as kenter shackles, anchor shackles, swivels, sockets and other accessories.
“We are thrilled to expand our offshore product portfolio and end-market reach with this acquisition. Feubo’s position as a leader and innovator in mooring components, and the opportunity to leverage its world-class engineering and innovation competency, made this a compelling addition to Crosby”, said Robert Desel, CEO of Crosby.
Oliver Feuerstein, CEO of Feubo, will continue to lead the Feubo team and operation. Feuerstein comments: “This is an exciting new chapter for Feubo, its employees, and customers. With Crosby’s global presence we can increase our reach and increase the pace of innovation. We look forward to joining the Crosby team, who share the same values as us—safety, reliability and innovation.”
The financial terms of the transaction were not disclosed.