Platinum Equity will acquire Oregon Tool, a global manufacturer and distributor of professional grade cutting tools, outdoor equipment accessories and parts.
American Securities and P2 Capital owned Oregon Tool (previously known as Blount International) since taking it private in 2016.
Financial terms were not disclosed.
Since its founding by Joe Cox in 1947 as the Oregon Saw Chain Corp, Oregon Tool has grown from a family business into a multinational organization as a leading manufacturer of saw chain and guide bars for chainsaws, mower blades and other products by professionals and consumers in the forestry, lawn and garden and agricultural markets.
“Oregon Tool has a well-deserved reputation for quality, innovation and engineering that dates back nearly 75 years,” said Louis Samson, partner with Platinum Equity. “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.
“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 geographies,” said David Glatt, Platinum Equity managing director.
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,” said Tonnesen. “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 company said the transaction is expected to be completed in the fourth quarter of 2021.
