(Bloomberg) -- Chinese conglomerate Wanxiang Group Corp. is in talks to acquire power-tools manufacturer Apex Tool Group from Bain Capital, according to people familiar with the matter.
A potential deal could value the U.S.-based Apex at about $2 billion to $2.5 billion, the people said, asking not to be identified because the deliberations are private.
Talks are still ongoing and other bidders remain interested in the asset, the people said. A representative for Bain declined to comment. Wanxiang did not immediately respond to requests for comment by phone and email.
Wanxiang’s businesses range from auto parts manufacturing and clean energy to agriculture, according to its website. It owns electric vehicle firm Karma Automotive LLC as well as A123 Systems LLC, a battery maker for electric vehicles. The group counts more than 20,000 employees.
Bain Capital had been weighing a sale of Apex and drew interest from industry peers and investment funds, Bloomberg News reported in June.
The buyout firm, which acquired the business from Danaher Corp. and Cooper Industries in 2013 for about $1.5 billion, refinanced the company’s debt in 2018. Headquartered in Sparks, Maryland, Apex makes tools under brands including Gearwrench and Crescent, according to its website.
©2021 Bloomberg L.P.