Blount International sold to group of New York private equity firms.
BY JACOB PALMER | DIGITAL NEWS EDITOR
Blount International has been sold to a group of New York private equity firms.
American Securities LLC and P2 Capital Partners LLC plan on move the company away from being publicly traded.
They will also ensure the company’s HQ and operations remain in Portland.
The cost of the company: $855 million.
“This transaction will enable us to partner with Blount’s proven management team and talented employees to help drive the next wave of product innovation and leadership that has defined Blount for nearly 70 years,” Josh Paulson, a partner at P2 Capital Partners, said in a news release. “We are committed long-term investors, having been a Blount shareholder for several years, and look forward to working closely with Blount as a private company to help it take full advantage of the opportunities that lie ahead.”
Blount International Inc.’s Portland roots date back to 1946, when Joe Coxdeveloped a cutting chain technology after watching how timber beetle larva chewed through wood fiber. Cox’s company, Oregon Chipper Chain, evolved into the Oregon brand of Sawchain, Blount’s signature product line.
(READ MORE: Portland Business Journal)
RELATED NEWS: Blount closing Portland-area factory
