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Bandit secures financial partner

July 24, 2014, Mount Pleasant, Mich. – Bandit Industries and Huron Capital Partners ("Huron Capital") announced that they have entered into a letter of intent to recapitalize Bandit as a private company, and to provide resources and capital to continue the company's growth.


July 24, 2014
By Canadian Biomass

July
24, 2014, Mount Pleasant, Mich. – Bandit Industries and Huron Capital Partners
("Huron Capital") announced that they have entered into a letter of
intent to recapitalize Bandit as a private company, and to provide resources
and capital to
continue the company's growth.

 

Upon
closing, a CEO succession plan will be initiated to recruit and train a top
caliber executive to lead the business into its next phase of growth. The
investment is expected to close in early fall 2014.

 

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"When
we announced last year that we were looking at companies for a potential sale
or merger of Bandit, we were adamant that it had to be the right fit for our
company, our community, our dealer network, and most importantly, our employees,"
said Bandit Industries President Jerry Morey. "We were only interested in
partnering with an organization that would respect and be committed to our
company culture, from our employees in Michigan to our dealers operating all
around the world. Huron Capital has a long history of growing companies while
maintaining their independent operations and unique company culture, and that
was a significant factor in our decision to partner with the firm. It also
feels good to be working with another Michigan-based company that understands
our challenges and shares our hometown pride. We are very much looking forward
to the future for both Bandit and our mid-Michigan community."

 

Bandit
Industries will remain at its current 280,000 square-foot world headquarters
between Remus and Mount Pleasant, Michigan. All existing operations, including
the workforce, management teams, distribution and dealer network will remain in
place. Bandit will also continue to have a large role in supporting and
participating in local community events and sponsorships.

 

“Bandit’s
history as an independent, family-run business is an important criteria for
us," said Mike Beauregard, senior partner at Huron Capital. "Our
investment in the business will preserve the legacy and culture of this
business while continuing to expand globally under the Bandit brand. The
business will remain a private, Michigan-based company funded with
Michigan-based capital and employing Michigan-based people.”

 


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