Bain Capital Partners LLC, a global private investment firm headquartered in Boston, said Wednesday that it has agreed to buy Apex Tool Group, a tools manufacturer, from Danaher Corp. and Cooper Industries in a transaction valued at about $1.6 billion, subject to post-closing adjustments.
Maryland-based Apex, formed in July 2010 as a joint venture between Danaher and Cooper, is one of the largest global producers of 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.
Apex will continue to be led by Apex chief executive Steve Breitzka and the rest of the current management team, Bain said in a press release. The acquisition is expected to be completed in the first half of 2013.
Apex markets such tool brands as Allen, Apex, Crescent, GearWrench, and Jacobs Chuck.
Founded in 1984 and with a team of more than 300 professionals, Bain Capital manages several pools of capital including private equity, venture capital, public equity, high-yield assets, and mezzanine capital with about $66 billion in assets under management.