Sparks, MD — Danaher Corporation and Cooper Industries have announced the sale of their joint venture, Apex Tool Group, to Bain Capital, Boston, MA, for approximately US$1.6 billion, subject to post-closing adjustments. Currently, Danaher and Cooper each maintain a 50% joint venture ownership interest in Apex. Bain Capital is the private equity firm founded by Republican presidential nominee Mitt Romney.
This transaction is slated to close in the first half of 2013, pending customary closing conditions and regulatory review and approvals. At that time, the company will continue to be known as Apex Tool Group and will continue to produce and sell brands such as Crescent, GearWrench, Armstrong, Weller, Lufkin, SATA and Wiss around the world.
“Our JV shareholders saw tremendous synergy opportunities when they brought together their combined global hand and power tool businesses in 2010,” said Steve Breitzka, who remains CEO of Apex Tool Group. “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.”
Going forward, the Apex Tool Group name will remain, as will its logo, brands and website (http://www.apextoolgroup.com).%20The company will continue to be headquartered in Sparks, MD.