Danaher and Cooper Are Seeking Buyers for Their Jointly Owned Toolmaking Business

Danaher Corp. (DHR) and Cooper Industries (CBE) Plc are seeking buyers for their jointly owned toolmaking business, said two people with knowledge of the matter. Apex Tool Group may fetch $1.5 billion or more and attract interest from private-equity firms, said one of the people, who spoke on condition of anonymity because the talks are private. Goldman Sachs Group Inc. (GS) is advising on the potential sale, the people said. The owners of Apex join United Technologies Corp. and DuPont Co. in seeking private-equity bids for major divisions this year. U.S. leveraged-buyout investors are looking to put to work the $425 billion of unspent capital commitments they had at the end of 2011, according to researcher Pitchbook Data Inc. Apex, based in Sparks, Maryland, describes itself as one of the world’s largest makers of hand and power tools including GearWrench ratchets. The company had net income of $134 million on sales of $1.46 billion last year, according to a Cooper regulatory filing. Apex employs 7,600 people, according to its website. Danaher and Cooper formed Apex in 2010 by combining their tools businesses and naming Steve Breitzka, previously the head of the Danaher tool unit, chief executive officer. Cooper spokesman Kyle McClure declined to comment beyond a statement his chief financial officer made at a February meeting. "We're considering all options and opportunities that might present themselves with respect to that business," CFO David Barta told investors then. Cooper is incorporated in Dublin and has administrative headquarters in Houston. Source: bloomberg.com