Sparks, Md.-based Apex Tool Group, the maker of Craftsman hand tools, Lufkin tape rules and Crescent wrenches, among other products, is being sold to Bain Capital Partners.
The deal is valued at about $1.6 billion, slightly more than Apex’s $1.5 billion in annual revenue.
Apex is owned equally by Danaher and Cooper, two manufacturers that combined their tool businesses in July 2010 with the formation of Apex.
It was the second major tool acquisition story to break this week. Stanley Black & Decker said on Tuesday it would sell its door lock and bath fixture business to Spectrum Brands Holdings for $1.4 billion.
Apex will continue to be led by Steve Breitzka, Apex president and CEO, and the rest of the current management team. “With the support of Danaher and Cooper, we’ve succeeded in combining two premier tool manufacturers into a single world-class company,” said Breitzka. “We are excited that Bain Capital has chosen to invest in the future growth of Apex.”
In addition to the brands mentioned above, Apex markets GearWrench ratcheting wrenches and Jobox tool storage products, in addition to being the principal manufacturer of several private-label products for retailers. Apex says its has strong market positions in developed markets, as well as in key developing markets, such as China and Brazil.