GearWrench / Apex Tool Group

Bain Capital LLC completes acquisition of Apex Tool Group

Bain Capital Partners LLC, a global private investment firm, has completed the acquisition of Apex Tool Group, a leading tools manufacturer. The purchase from Danaher Corp. and Eaton was valued at approximately $1.6 billion.

Apex Tool 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. Based in Sparks, Md., the company serves a variety of markets, including automotive, aerospace, electronics, energy, hardware, industrial, and consumer retail. Apex Tool will continue to be led by Steve Breitzka as president and chief executive officer, and the current management team.

"Bain Capital is dedicated to the continued success of Apex Tool, and we look forward to working with Steve Breitzka and the rest of the management team as they build upon a proven record of providing customers with outstanding products and service," said Seth Meisel, a managing director at Bain Capital. "We believe there are attractive opportunities to enhance the global market position and to grow and expand the business."

Financing for the transaction was provided by Barclays Capital Inc., Goldman Sachs & Co., Morgan Stanley Bank NA, RBC Capital Markets Corp., Citigroup and Deutsche Bank Securities Inc. Barclays Capital acted as lead M&A advisor to Bain Capital; RBC Capital also acted as M & A advisor. Kirkland & Ellis provided legal counsel, and Price Waterhouse Coopers provided accounting advisory services.