Bain Capital has acquired Apex Tool Group for $1.6 billion. Apex Tool Group is a company that makes hand and power tools.
Apex is not the only tool company that is shedding some of their assets. Yesterday Stanley Black & Decker sold their hardware and home unit to Spectrum Brands Holdings for $1.4 billion. Apex Tool owns brands like Lufkin, Crescent and Belzer, and makes tools under the Craftsman line. Danaher Corporation will earn $650 million under the terms of this deal.
Apex Tool has around 8,000 employees across the world and has revenues of around $1.5 billion. Bain Capital, a subsidiary of Bain and Company, was co-founded by Republican presidential candidate Mitt Romney. This deal is expected to close in the first half of next year.
Some of Apex’s advisors in this deal included Goldman Sachs and the law firm Gibson, Dunn & Crutcher. Bain Capital worked with Barclays, RBC Capital, and the law firm Kirkland & Ellis.
Goldman Sachs and the law firm Gibson, Dunn & Crutcher advised Apex Tool on the deal, while Barclays, R.B.C. Capital and the law firm Kirkland & Ellis advised Bain Capital.