Danaher, Cooper to sell Apex Tool to Bain Capital for $1.6 billion
11 Oct 2012
Danaher Corp and Cooper Industries yesterday agreed to sell their hand and power tools equal joint venture, Apex Tool Group, to private equity firm Bain Capital, for about $1.6 billion.
Apex Tool Group was created in 2010 by combining the tools division of Washington-based Danaher and Houston-based Cooper.
Sparks, Maryland-based Apex Tool is one of the world's largest makers of hand and power tools with brands like Lufkin, Crescent, GearWrench ratchets, and Belzer.
Its clients are from the do-it-yourself, manufacturing and assembly, automotive, aerospace, construction, and electronics sectors.
Apex Tool employs more than 8,000 people in 30 countries, and had net income of $134 million on revenues of $1.46 billion in 2011.
Danaher said that it expects the sale to generate after-tax net proceeds of about $650 million, while Cooper did not mention proceeds.
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