American Securities and P2 Capital Partners Complete Acquisition of Blount
12 Abril 2016 - 10:22AM
Blount International, Inc. (NYSE:BLT) (“Blount” or “Company”) today
announced the completion of its acquisition by affiliates of
American Securities LLC and P2 Capital Partners, LLC. Under the
terms of the merger agreement, Blount stockholders are entitled to
receive $10.00 per share in cash, without interest and less any
applicable tax withholding.
“As a private company, Blount will have greater flexibility to
pursue new opportunities to better serve its global customer base
across the Forestry, Lawn, and Garden (“FLAG”) and Farm, Ranch, and
Agriculture (“FRAG”) markets,” said Loren Easton, Managing Director
at American Securities. “We look forward to providing the strategic
and financial support to enable Blount to achieve this next phase
of growth.”
“We have long admired Blount’s talented team members and its
track record of market leadership and innovation,” said Josh
Paulson, Partner at P2 Capital Partners. “We are excited to work
alongside management and American Securities to help the Company
execute its strategic plan and continue delivering the high-quality
products that are its hallmarks.”
The transaction was announced on December 10, 2015 and received
approval from Blount stockholders on April 7, 2016. Josh Collins
will remain the Company’s Chief Executive Officer and David
Willmott will continue to serve as President and Chief Operating
Officer. The Company intends to maintain its corporate headquarters
in Portland, Oregon and its existing global distribution and sales
footprints.
As a result of the completion of the acquisition, shares of
Blount common stock were removed from listing on the New York Stock
Exchange, with trading in Blount shares suspended prior to the
opening of business today.
Cautionary Statement Regarding
Forward-Looking
Statements“Forward-looking statements” in this
release, including without limitation statements regarding the
transaction and the Company’s “outlook,” “expectations,” “beliefs,”
“plans,” “indications,” “estimates,” “anticipations,” “guidance”
and their variants, as defined by the Private Securities Litigation
Reform Act of 1995, are based upon available information and
upon assumptions that the Company believes are reasonable; however,
these forward-looking statements involve certain risks and should
not be considered indicative of actual results that the Company may
achieve in the future. There are a number of factors that could
cause actual results or events to differ materially from those
indicated by such forward-looking statements, in particular, among
other things, the potential impact of the announcement or
consummation of the transaction on relationships, including with
employees, suppliers and customers; litigation relating to the
transaction; and the other factors and financial, operational and
legal risks or uncertainties described in the Company’s public
filings with the Securities and Exchange Commission, including the
“Risk Factors” and “Forward Looking Statements” sections of the
Company’s Annual Report on Form 10-K for the year ended December
31, 2015 and subsequent Quarterly Reports on Form
10-Q. The Company disclaims any intention or obligation
to update or revise any forward-looking statements as a result of
developments occurring after the date of this document except as
required by law.
About Blount InternationalBlount is a global
manufacturer and marketer of replacement parts, equipment, and
accessories for consumers and professionals operating primarily in
two market segments: Forestry, Lawn, and Garden (“FLAG”); and Farm,
Ranch, and Agriculture (“FRAG”). Blount also sells products in the
construction markets and is the market leader in manufacturing saw
chain and guide bars for chain saws. Blount has a global
manufacturing and distribution footprint and sells its products in
more than 110 countries around the world. Blount markets its
products primarily under the OREGON®, Carlton®, Woods®, TISCO,
SpeeCo®, ICS® and Pentruder® brands. For more information about
Blount, please visit our website at http://www.blount.com.
About American SecuritiesAmerican Securities is
a leading U.S. private equity firm with approximately $15 billion
under management. Based in New York with an office in Shanghai,
American Securities invests in market-leading North American
companies with annual revenues generally ranging from $200 million
to $2 billion and/or EBITDA of $50 million to $200 million. For
more information, please visit
http://www.american-securities.com.
About P2 Capital PartnersP2 Capital Partners is
a New York-based investment firm that applies a private equity
approach to investing in the public market. P2 manages a
concentrated portfolio of significant ownership stakes in high
quality public companies in which it is an active shareholder
focused on creating long-term value in partnership with management.
The firm will also lead private equity transactions within its
public portfolio. P2’s limited partners include leading public
pension funds, corporate pension funds, endowments, foundations,
insurance companies, and high net worth investors.
Contact:
For Blount International:
David Dugan
503.653.4692
For American Securities:
Caroline Harris-Gibson
Prosek Partners
212.279.3115 x222
cgibson@prosek.com
For P2 Capital Partners:
Josh Paulson or Jonathan Gasthalter
212.508.5507 or 212.687.8080
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