Blount International, Inc. announced the completion of its acquisition by affiliates of American Securities LLC and P2 Capital Partners, LLC on April 12. Under the terms of the merger agreement, Blount stockholders are entitled to receive $10 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 Dec. 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, Ore., 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 on April 12.