Bain Capital Partners LLC, a global private investment firm headquartered in Boston, said Wednesday that it has agreed to buy Apex Tool Group from Danaher Corp. and Cooper Industries in a transaction valued at about $1.6 billion.
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.
The acquisition is expected to be completed in the first half of 2013.
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