Cooper Industries and Danaher Corporation have signed an agreement to sell Apex Tool Group to Bain Capital for approximately $1.6 billion. The transaction is expected to close in the first half of 2013. Goldman Sachs served as the exclusive financial advisor to Apex Tool Group.
Apex Tool Group was formed in July 2010 as a joint venture between Cooper Industries and Danaher Corporation. Products include hand tools, power tools, and tool storage for the do-it-yourself, manufacturing and assembly, automotive, aerospace, construction, and electronics sectors. Apex Tool Group has over 30 tool brands, including Crescent, GearWrench, Armstrong, and Weller. Annual revenues for the group total $1.5 billion. Apex Tool has 8,000 employees and is based in Sparks, MD (www.apextoolgroup.com).
Bain Capital manages several pools of capital, including private equity, venture capital, and public equity and leveraged debt assets. The firm has more than $66 billion in assets under management. Since its inception in 1984, Bain Capital has made private equity investments and add-on acquisitions in more than 300 companies in a variety of industries around the world. The firm has offices in Boston, New York, Chicago, London, Munich, Tokyo, Shanghai, Hong Kong and Mumbai, with over 800 employees worldwide (www.baincapital.com).
Cooper Industries is a global electrical products manufacturer with 2011 revenues of $5.4 billion. The company has seven operating divisions and includes Bussmann electrical and electronic fuses; Crouse-Hinds and CEAG explosion-proof electrical equipment; Halo and Metalux lighting fixtures; and Kyle and McGraw-Edison power systems products. Cooper has manufacturing facilities in 23 countries and is based in Maynooth, Ireland (www.cooperindustries.com).
Danaher Corporation designs, manufactures, and markets professional, medical, industrial, and commercial products and services primarily in North America, Europe, Asia, and Australia. The company has annual revenues of $18 billion and is based in Washington, DC (www.danaher.com).
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-12-12