Oregon Chain Acquired by Platinum Equity

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Philbert

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Just saw this. Oregon ownership has been transferred a few times over the past several years.
https://labusinessjournal.com/news/2021/jul/14/platinum-equity-acquires-oregon-tool/
'Beverly Hills-based private equity firm Platinum Equity has acquired Oregon Tool, a Portland, Ore.-based maker of chainsaws, cutting tools, outdoor equipment accessories and parts.
New York-based private equity firms American Securities and P2 Capital Partners, which took Oregon Tool private in 2016, sold the company to Platinum Equity.
Financial terms of the deal were not released. The transaction is expected to be completed before year-end.'

https://www.bizjournals.com/portland/news/2021/07/14/oregon-tools-platinum-equity.html'The Milwaukie-based chainsaw and outdoor equipment parts maker, long known as Blount International, was sold by its two private equity owners to a third PE firm, Los Angeles-based Platinum Equity.
The sellers, American Securities and P2 Capital Partners, had purchased then-Blount for $855 million in a deal that closed in 2016. Terms of the sale to Platinum Equity, expected to close in the fourth quarter this year, were not disclosed in Wednesday’s announcement.
CEO Paul Tonnesen said that in one sense, the sale meant that the two former owners had come to the end of their investment cycle, a natural occurrence in private equity. But he added that the new owner “bought into the strategy and the team” at Oregon Tool.'

Philbert
 
Oregon Chain company ownership (via Wikipedia):

- Joseph Buford Cox founded Oregon Saw Chain Company in 1947. Cox later founded Precision Castparts Corp.

- In 1953, John D. Gray acquired the company and changed the name to Omark Industries. In the 1980s, Omark began researching and adopting just-in-time manufacturing processes. By visiting factories in Japan, Omark studied examples of lean manufacturing. The concepts kept the saw chain products viable in the export market during a period with a strong dollar.

- In 1985, Omark Industries was purchased by Blount Industries, Inc. and its founder, Winton M. Blount.

- In 1993, Blount Industries, Inc. was renamed Blount International, Inc., and shifted its focus from construction to manufacturing. In 1997, Blount purchased Frederick Manufacturing Corp. of Kansas City, Missouri and added lawnmower blades and garden products to its portfolio.

- In 1999, Blount was acquired by Lehman Brothers Merchant Banking. In 2002, Blount's corporate headquarters moved from Montgomery, Alabama, to Portland, Oregon. In 2004, it changed its NYSE symbol to BLT, which remained the company's ticker symbol until 2015.

- On December 10, 2015, Blount announced that it would be taken private by American Securities and P2 Capital Partners in an all-cash transaction valued at approximately $855 million, or $10 a share in cash. On May 10, 2021, Blount Inc. unveiled a new corporate name that positions it for growth while honoring its heritage: Oregon Tool. The shift from Blount, Inc. to Oregon Tool will be effective June 2, 2021.

- On June 2, 2021, Blount Inc officially became Oregon Tool, Inc.

- On July 14, 2021, American Securities and P2 Capital Partners announced the signing of a definitive agreement under which Platinum Equity will acquire Oregon Tool.

Philbert
 
That's a bit funny... Platinum Equity owns my place of employment. Have for yrs now. Now the guy who owns PE, (unless it was sold), has stake in many other high ranking ventures. At one time I think he ranked 314 on the Forbes 400 list about 10 yrs ago.

https://en.wikipedia.org/wiki/Tom_Gores
 
As I recall Platinum bought Tecumseh then flipped it to LCT in China.

Sent from my SM-G996U using Tapatalk
 
Philbert said:
Just saw this. Oregon ownership has been transferred a few times over the past several years.
https://labusinessjournal.com/news/2021/jul/14/platinum-equity-acquires-oregon-tool/
'Beverly Hills-based private equity firm Platinum Equity has acquired Oregon Tool, a Portland, Ore.-based maker of chainsaws, cutting tools, outdoor equipment accessories and parts.
New York-based private equity firms American Securities and P2 Capital Partners, which took Oregon Tool private in 2016, sold the company to Platinum Equity.
Financial terms of the deal were not released. The transaction is expected to be completed before year-end.'

https://www.bizjournals.com/portland/news/2021/07/14/o regon-tools-platinum-equity.html'The Milwaukie-based chainsaw and outdoor equipment parts maker, long known as Blount International, was sold by its two private equity owners to a third PE firm, Los Angeles-based Platinum Equity.
The sellers, American Securities and P2 Capital Partners, had purchased then-Blount for $855 million in a deal that closed in 2016. Terms of the sale to Platinum Equity, expected to close in the fourth quarter this year, were not disclosed in Wednesday’s announcement.
CEO Paul Tonnesen said that in one sense, the sale meant that the two former owners had come to the end of their investment cycle, a natural occurrence in private equity. But he added that the new owner “bought into the strategy and the team” at Oregon Tool.'

Philbert
Click to expand...
Here goes the price of chain, through the roof.
 
- In 1999, Blount was acquired by Lehman Brothers Merchant Banking. In 2002, Blount's corporate headquarters moved from Montgomery, Alabama, to Portland, Oregon. In 2004, it changed its NYSE symbol to BLT, which remained the company's ticker symbol until 2015.

Why are banks and bankers allowed to buy or own non banking/financial entities??????


Is it any wonder a handful of corps own nearly everything?!?


Ugh
 
Got to give them a chance .
“Oregon Tool has a well-deserved reputation for quality, innovation and engineering that dates back nearly 75 years,” Platinum Equity Partner Louis Samson said in a statement. “We are committed to building on that legacy and working with the management team to invest in a new generation of growth and expansion.”

Oregon Tool CEO Paul Tonnesen will continue to lead the company following the transaction.
 
The industry will see little change. Oregon produces a very large volume of chain in China already, and has for a long time. They also produce chain in Canada, Portland, and Brazil. It is not as profitable to produce in China anymore because of tariffs, and shipping costs. Shipping containers that cost $3000 a year ago are now $20,000. Tariffs are $17,000 on average for a container, and these are paid by the importer (Oregon, or whoever the customer is that is receiving it). They have been streamlining by letting go of some of their key employees who have been there for years (the people that know the most are also the ones who make the most money), and dropping items that are no longer profitable to make (anyone checked on the lead time for skip chains?). This is a process they go through every 5-10 years, and is normal for them. They have a tremendous amount of overhead, and raw material prices are going up which is evident in the price increases the industry has seen over the last year.
 
Square Ground said:
The industry will see little change. Oregon produces a very large volume of chain in China already, and has for a long time. They also produce chain in Canada, Portland, and Brazil. It is not as profitable to produce in China anymore because of tariffs, and shipping costs. Shipping containers that cost $3000 a year ago are now $20,000. Tariffs are $17,000 on average for a container, and these are paid by the importer (Oregon, or whoever the customer is that is receiving it). They have been streamlining by letting go of some of their key employees who have been there for years (the people that know the most are also the ones who make the most money), and dropping items that are no longer profitable to make (anyone checked on the lead time for skip chains?). This is a process they go through every 5-10 years, and is normal for them. They have a tremendous amount of overhead, and raw material prices are going up which is evident in the price increases the industry has seen over the last year.
Click to expand...
Hunter and Joe will fix the tariff problem for the Chi-Coms
 
I will add, Platinum Equity is or was at the time really aggressive after they bought us. They stated they wanted back $18 for every $1 they spent on us. And hell, who wouldn't. Mind you, this was back around the 2008 economy dive. Of course over the yrs those numbers have fluctuated up and down. Now I don't know what the numbers are and really don't give a s**t! lol
 
Sure there aggressive after a buyout. They need to gain capitol$$$ they spent back. Beaware losses are write offs. Wait and see there are tax loopholes. I seen these groups buy a company then bleed them.

I think they see the future with China taking a bigger market share. There regrouping to stop the landside before it happens of bailing out now before the profits go lower. Seems everyone is after the outdoor market. The new Oregon stuff may say “mic” made in China
 
I just received two 20” Oregon Advancecut bar/chain combination and the bar is made in China but the chain is USA!
 

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