Maryland-based tool maker acquired by private equity firm Bain Capital.
WASHINGTON—Danaher Corp. and Cooper Industries will sell a tool making business they created two years ago as a joint venture for $1.6 billion to private equity firm Bain Capital.
Danaher is an industrial and medical equipment manufacturer based in Washington, DC. Cooper is headquartered in Ireland and makes electrical components and tools.
The companies announced in March 2010 that they would blend some of their tool making businesses into a joint venture named Apex Tool Group. They completed the deal a couple months later and have each kept a 50% ownership interest.
Apex is based in Sparks, Maryland, and it markets brands like Armstrong Tools, Cieco and GearWrench, according to its website. It also makes private-label brands for large retailers and industrial distributors.
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