Bain Capital-backed Apex Tool Group LLC has closed a deal that allows the company to expand in China.
Apex, headquartered in Sparks, Maryland, has acquired Shanghai Yecen Auto Technology Ltd., which it will add to its China subsidiary Apex Sata Tool (Shanghai) Ltd. The Shanghai-based target makes wheel aligners and automotive lift products.
Apex makes products for the automotive, aerospace, electronics, energy, hardware, industrial and consumer retail markets. The company's brands include Apex, Cleco, Dotco, Recoules, Quackenbush, Crescent, GearWrench, Armstrong, Weller, Lufkin, Campbell, Sata and Wiss.
The buyer has been backed by Bain Capital since 2012, when Bain spent $1.6 billion to pick up the business. The Boston-based private equity firm has made several deals lately, including the $2.4 billion purchase of Blue Coat Systems Inc. from Thoma Bravo, announced in March, and acquisition of TI Automotive, which provides systems to car manufacturers, in January.
There have been many acquisitions for car-parts makers recently, as sales of new and used cars have risen worldwide. In December, PE firm Palladium Equity Partners invested in tire sales and auto services business Raben Holdings. Before that, Lindsay Goldberg LLC invested in Dealer Tire LLC. For more, see 5 Buyers Find New Customers Abroad.