Bain Capital to acquire Apex Tool Group from Danaher and Cooper
By Anthony Capkun
October 11, 2012 – Bain Capital Partners LLC, a private investment firm, has signed a definitive agreement to acquire Apex Tool Group from Danaher Corp. and Cooper Industries. The transaction is valued at about $1.6 billion subject to post-closing adjustments. Additional terms of the deal were not disclosed.
Formed in July 2010 as a joint venture between Danaher and Cooper, Apex is a producer of industrial hand and power tools, tool storage, drill chucks, chain and electronic soldering products for industrial, commercial and DIY applications. Based in Sparks, Md., the company markets brands such as Crescent wrenches, GearWrench ratcheting wrenches, Lufkin measuring tools and Jobox tool storage products, in addition to being the principal manufacturer of several private label products for retailers.
Apex will continue to be led by Steve Breitzka, president and CEO, and the rest of the current management team.
“With the support of Danaher and Cooper, we’ve succeeded in combining two premier tool manufacturers into a single world-class company,” said Breitzka. “We are excited that Bain Capital has chosen to invest in the future growth of Apex, and we look forward to partnering with them to seize the many opportunities in the marketplace.”
The acquisition is expected to be completed in the first half of 2013.