SAN FRANCISCO, Aug. 17, 2011 /PRNewswire/ -- Genstar Capital, LLC, a middle market private equity firm that focuses on investments in selected segments of the life sciences, healthcare, financial services, software, and industrial technology industries, today announced the signing of a definitive agreement with Blount International, Inc. (NYSE: BLT) to sell its portfolio company Woods Equipment Company, a leading manufacturer of attachments for agricultural and construction applications and the largest independent distributor of tractor parts. The transaction is valued at approximately $185 million.
Woods Equipment Company, headquartered in Oregon, Ill., is a leading full-line manufacturer of high-quality attachments and implements, as well as a leading distributor of aftermarket parts. The company serves the agriculture, grounds care, and construction industries, as well as providing after market parts. Woods serves a dealer network of agricultural, landscape, and construction professionals with products marketed under the brand names Woods®, Alitec®, Central Fabricators®, Gannon®, Wain-Roy®, WoodsCare™, and TISCO®.
Rob S. Rutledge, a Genstar Vice President who heads the firm's Industrial Technology vertical, said, "The sale of Woods is a good example of how Genstar applies its differentiated strategy in the middle market to effectuate change and build industry-leading businesses. Working with the Woods management team and our operating executives, Michael Hurt and Ed Carpenter, the company implemented strategic initiatives such as product re-engineering, distribution expansion and key management additions and promotions to drive growth and improve its market position. Woods is now very well positioned for continued success as a key part of Blount."
Bill Marcum, CEO of Woods, said, "Because of the support and commitment of our partners at Genstar we were able to focus on our business and commit new capital to projects that will enable us to offer innovative technology innovations that will make Woods even stronger going forward. We thank Genstar for their support and partnership."The transaction is subject to the expiration or termination of the Hart-Scott-Rodino Antitrust Act waiting period and is expected to close in the third quarter.
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