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Bain Capital Private Equity Completes Acquisition of Apex Tool Group, Leading Global Tools Manufacturer

January 31, 2013

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  • For Bain Capital Private Equity
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    Alex Stanton
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BOSTON, February 1, 2013 – Bain Capital Private Equity, a leading global private investment firm, today announced it has completed the acquisition of Apex Tool Group, a leading tools manufacturer. The purchase from Danaher Corporation (NYSE:DHR) and Eaton (NYSE: ETN), 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, Maryland, 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 Private Equity 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 Private Equity. “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 Private Equity; RBC Capital also acted as M&A advisor. Kirkland & Ellis provided legal counsel, and Price Waterhouse Coopers provided accounting advisory services.

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About Apex Tool Group

Apex Tool Group, LLC (www.apextoolgroup.com) based in Sparks, MD, is one of the largest worldwide producers of industrial hand and power tools, tool storage, drill chucks, chain, and electronic soldering products. Directly, and through its subsidiaries, Apex serves a multitude of global markets, including automotive, aerospace, electronics, energy, hardware, industrial, and consumer retail. Apex Tool Group markets some of the leading brands in the tool industry worldwide, including Allen®, Apex®, Armstrong Tools®, Campbell®, Cleco®, Crescent®, Erem®, GearWrench®, H.K. Porter®, Jacobs® Chuck, Jobox®, K-D Tools®, Lufkin®, Nicholson®, Plumb®, Sata®, Weller® and Wiss®, among others and manufactures several industry leading private label brands for large retailers and industrial distributors.

About Bain Capital Private Equity

Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since our founding in 1984. Our team of more than 400 investment professionals creates value for our portfolio companies through our global platform and depth of expertise in key vertical industries including consumer/retail, financial and business services, healthcare, industrials, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

This press release has been updated to reflect the new business unit name, "Bain Capital Private Equity," which was changed from "Bain Capital" or "Bain Capital, LP."