PORTLAND, Ore. — Blount International, owner of ICS concrete saws, and a leader in the design, manufacturing and marketing of replacement parts and equipment for consumers and professionals in the forestry, lawn and garden, farm, ranch and agricultural markets, reached an agreement to acquire GenWoods HoldCo and its subsidiary Woods Equipment Co. Blount will pay about $185 million in cash.
The acquisition will be structured as a merger and be subject to customary anti-trust clearances.
The acquisition of Woods provides numerous benefits to Portland, Ore.-based Blount, including increased distribution for Blount's farm, ranch and agriculture end market business, and an expanded product line of tractor attachments and aftermarket replacement parts, including the Woods and TISCO brands. It also will provide enhanced North American manufacturing and distribution footprint through the addition of three manufacturing and five distribution facilities. Woods is a manufacturer and marketer of equipment and replacement parts for the agriculture, grounds maintenance and construction markets, primarily in North America.
“The acquisition of Woods significantly increases the scale of our farm, ranch and agriculture business,” said Blount chairman and CEO Josh Collins. “Woods' excellent brands, strong market position, and experienced management team coupled with our global distribution and supply chain network will provide many sales and efficiency opportunities within our combined businesses. There is a long list of value creation opportunities in this acquisition.”
Woods Equipment Co., based in Oregon, Ill., had about $160 million in sales for the 12 months ended July 31.