Cooper Industries and Danaher Corporation were aiming high when they formed Apex Tool Group in mid-2010. The 50/50 joint venture combines Cooper's Tool segment with certain tool businesses of Danaher's Tools and Components segment. Apex Tool Group manufactures hand tools, power tools, and professional electronic tools for use in both commercial and do-it-yourself end markets. Offering more than 30 brand names -- including Crescent, GearWrench, Armstrong, and Weller -- Apex serves 30 countries worldwide. In late 2012, Danaher and Cooper Industries agreed to sell Apex Tool Group to private equity and venture capital investing giant Bain Capital for about $1.6 billion
Apex Tool Group capitalizes upon the synergies between Cooper and Danaher's respective portfolios. Moreover, by combining their manufacturing capabilities and sales channels, Apex is positioned to expand each of their global market shares. Its products are sold through distributors and supply houses to customers in the automotive, aerospace, construction, electronics, and manufacturing and assembly sectors.
Apex is led by executives from both companies, with former Danaher CEO and president Steve Breitzka serving in the same capacity at Apex. Although its headquarters took root in Sparks, Maryland, Apex North Carolina commercial facilities and personnel were consolidated with plants in other states in early 2011. – less