Platinum Equity to acquire Oregon Tool

Platinum Equity, American Securities and P2 Capital Partners today announced
the signing of a definitive agreement under which Platinum Equity will acquire
Oregon Tool, a global manufacturer and distributor of aftermarket-driven
professional grade cutting tools, outdoor equipment accessories and parts.
American Securities and P2 Capital have owned the company (previously known as
Blount International) since taking it private in 2016. Financial terms were not

Oregon Tool is a
manufacturer of saw chain and guide bars for chainsaws, and of lawn mower
blades, agricultural tractor attachments and a broad range of other products
used by professionals and consumers in the forestry, lawn and garden and
agricultural end markets. Its products are sold into the aftermarket through
multiple channels, including distributors, dealers, mass merchants and
e-commerce, as well as to original equipment manufacturers for “first fit” use
on new equipment. Since its founding in the 1940s, Oregon Tool has grown from a
family business into a multinational organization.

“Oregon Tool has a
well-deserved reputation for quality, innovation and engineering that dates
back nearly 75 years,” said Platinum Equity Partner Louis Samson. “We are
committed to building on that legacy and working with the management team to
invest in a new generation of growth and expansion. We have a lot of experience
helping companies like Oregon Tool take the next step and our financial and
operational resources will accelerate their efforts.”

With more than 3,200 team
members, Oregon Tool sells thousands of products in more than 110 countries
under multiple professional and consumer brands like Oregon, Woods and ICS.
Earlier this year, the company rebranded from Blount International to Oregon
Tool, an effort that highlights its unique heritage and long history of
innovation, while also marking an important inflection point in its evolution
as an industry leader. 

“Oregon Tool is an
outstanding platform that operates in a large and highly fragmented market,”
said Platinum Equity Managing Director David Glatt. “In addition to nurturing
the company’s existing portfolio, we will pursue an aggressive strategy to
expand in adjacent product categories across segments, channels and

Oregon Tool CEO Paul
Tonnesen will continue to lead the company following the transaction.

“We’re grateful for
American Securities’ and P2’s investment in Oregon Tool, which has helped us
accomplish many of our aggressive goals ahead of schedule. We also view the
sale of our company to Platinum Equity as evidence of the successes we’ve
achieved in recent years,” Tonnesen said. “We are very excited for what’s next,
and we know that Platinum’s investment will propel our growth and innovation,
strengthen our position as industry leaders, and continue equipping our pro and
DIY customers with the products they need to get the job done.”

The transaction is
expected to be completed in the fourth quarter of 2021.  

“We were Oregon Tool
public shareholders for several years prior to taking the company private in
partnership with American Securities,” said Josh Paulson, partner at P2 Capital
Partners. “We are proud of the company’s accomplishments and have thoroughly
enjoyed working closely with the Oregon Tool and American Securities teams.”

“By utilizing our deep
American Securities Resources Group team of functional expert colleagues and
other resources, we were able to execute a number of value-enhancing, strategic
initiatives and to grow Oregon Tool and position the company for future
success,” added Loren Easton, a managing director of American Securities.

Evercore and Baird are
serving as financial advisors to American Securities, P2 Capital Partners and
Oregon Tool, and Kirkland & Ellis LLP is acting as legal advisor to Oregon
Tool on the sale to Platinum Equity. Latham & Watkins LLP is acting as
legal advisor to Platinum Equity on the transaction.

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Kirk Walker