Bain Capital to acquire Apex Tool Group

Deal for $1.6 billion expected to close in first half of 2013.

Cooper Industries and Danaher Corporation have signed a definitive agreement to sell Apex Tool Group to Bain Capital for approximately $1.6 billion subject to post-closing adjustments.

Currently, Cooper and Danaher each maintain a 50% joint venture ownership interest in Apex.

Maryland-based Apex was formed in July 2010 as a joint venture between Danaher and Cooper. The company produces industrial hand and power tools, tool storage, drill chucks, chain, and electronic soldering products for industrial, commercial and demanding do-it-yourself applications, Bain said in a press release.

According to the press release, Apex will continue to be led by Apex chief executive Steve Breitzka and the rest of the current management team.

“Our JV shareholders saw tremendous synergy opportunities when they brought together their combined global hand and power tool businesses in 2010,” said Breitzka. “Thanks to the outstanding efforts and talent of our associates around the globe who delivered strong results for our owners, we are now poised to build on our past successes and reach even greater heights under Bain Capital’s ownership.”

Apex markets such tool brands as Allen, Apex, Crescent, GearWrench and Jacobs Chuck.

The closing of the definitive agreement is subject to customary conditions, including regulatory approvals. The parties currently expect that the transaction will close in the first half of 2013.