Blount International to be acquired
Company's brands include ICS Blount, OREGON, Carlton, Woods, TISCO, SpeeCo and Pentruder.
Blount International, Inc. announced an agreement to be acquired by affiliates of American Securities LLC and P2 Capital Partners, LLC in an all-cash transaction valued at approximately $855 million, including the assumption of debt. Blount manufactures and markets replacement parts, equipment, and accessories in three market segments: Forestry, Lawn, and Garden; Farm, Ranch, and Agriculture; and Concrete Cutting and Finishing.
The merger agreement includes a 50-day “go-shop” period which runs through January 28, 2016, where the company seeks alternative proposals. Barring any new, higher-value proposals, the transaction is expected to close in the first half of 2016.
“The proposed transaction will deliver immediate value to Blount’s shareholders and we expect it will also provide us with additional flexibility to execute our strategic plan as we continue to navigate the macroeconomic challenges facing our industry,” said Josh Collins, Blount’s Chairman and CEO.
“Blount is a strong fit for our strategy of partnering with market-leading companies,” said Loren Easton, Managing Director at American Securities.
Blount expects to maintain its corporate headquarters in Portland, Oregon and its existing global distribution and sales footprints.
You can find the company's complete press release here.
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