Bandit Industries being sold?
By Canadian Biomass
November 22, 2013, Remus, Mich. - Bandit Industries announced that it has entered into a letter of intent with Texas-based equipment manufacturer Alamo Group Inc.
By Canadian Biomass
November 22, 2013, Remus, Mich. – Bandit Industries
announced that it has entered into a letter of intent with Texas-based equipment manufacturer Alamo Group Inc.
The acquisition contemplated by the letter of intent has
received regulatory approval under the Hart Scott Rodino Act. Consummation of
the acquisition is subject to certain other pre-closing requirements. The
acquisition of Bandit by Alamo would allow Bandit Industries to better
capitalize on the rapid growth the company has experienced in the last three
years while also preserving the Bandit legacy built over the last 30 years.
The Alamo Group, located in Seguin, Texas, produces
right-of-way maintenance and agriculture machinery including truck and tractor
mounted mowing and other vegetation maintenance equipment, street sweepers,
snow removal equipment, pothole patchers, excavators, vacuum trucks,
agricultural implements and related after-market parts and services.
In searching for a prospective buyer, Bandit owners Jerry
Morey, Mike Morey Sr. and Dianne Morey were adamant about finding a company
that was interested in further building the Bandit brand without changing the
formula that has been such a success.
“It was vital for us to find a company that would keep the
Bandit name, the operations, the people and everything that has made Bandit
such a success,” said Jerry Morey. “We
never considered selling to anyone that might want to just build up the company
for liquidation. We wanted a company that was interested in entering the
markets we already supply.”
It is expected that Bandit Industries will remain
headquartered at its current mid-Michigan location and that its existing
operations, including the workforce, management team and sales distribution
network will also remain in place. In addition, it is anticipated that Jerry Morey,
along with Bandit co-owners Mike Morey Sr. and Diane Morey will continue to be
involved with the company following the sale and during the transition to
“We are delighted that we have found a company that will
keep our operations at our mid-Michigan home.” said Morey. “We will continue to
support the communities of Isabella County and Central Michigan that have
supported us though the years.”