Apex Tool Group, the makers of Crescent wrenches, Lufkin measuring tapes and some Craftsman brand hand tools, is in final negotiations with Bain Capital, according to a report by Reuters and other media outlets. The private equity firm that was co-founded by U.S. presidential candidate Mitt Romney has reportedly offered more than $1.5 billion for Apex, which is a joint venture between Danaher Corp. and Cooper Industries. Each has a 50% stake.
Negotiations are not public, but sources close to the deal said Apex prevailed over Platinum Equity LLC and American Securities LLC in the auction for the maker of industrial hand and power tools.
The joint venture, which has facilities in more than 30 countries and employs 7,600 workers worldwide, has about $1.2 billion in annual revenues, according to its website.