Private equity firm Bain Capital Partners LLC will acquire Apex Tool Group for $1.6 billion.

The target, based in Sparks, Md., produces industrial hand and power tools, tool storage and electronic soldering products, including the Crescent, GearWrench, Lufkin and Jobox brands.

Apex Tool was started in July 2010 as a joint venture between Danaher Corp. (NYSE: DHR) and Cooper Industries (NYSE: CBE).

Boston-based Bain Capital has about $66 billion in assets under management.

Kirkland & Ellis advised Bain, with a team that included partners Matthew Steinmetz, Neal Reenan, Richard Campbell, Matthew O'Brien, Yaman Shukairy, Michelle Kilkenney and Joshua Korff.

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