US-based manufacturer of replacement parts, equipment, and accessories Blount has agreed to be acquired by a private equity investment consortium in a US$855 million (€787 million) deal.

Blount, which owns the ICS chainsaw brand among others, said shareholders would receive US$10 (€9.21) cash for each common stock share from the buyers - private equity company American Securities and investment firm P2 Capital Partners.

It said its board had unanimously approved the transaction, which is expected to close in the first half of 2016.

Blount operates in three market segments - forestry, lawn, and garden; farm, ranch, and agriculture; and concrete cutting and finishing.

The company said that, in addition to equity funds managed by American Securities and P2 Capital Partners, it was expected that Blount chairman and CEO Josh Collins, and president and COO David Willmott, would invest all of their net proceeds from the transaction in Blount.

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