UPDATE: Bandit Turns Down Alamo Acquisition
Bandit Industries, the Remus, Mich.-headquartered manufacturer of tree chippers, stump grinders, recyclers, forestry mowers and specialty equipment, has elected to turn down the acquisition offer from the Alamo Group Inc. that was announced in late November. Instead, the company will remain privately held by the current owners Jerry Morey, Mike Morey Sr. and Dianne Morey, but will continue to explore sale options, Jerry Morey said.
“Alamo is an exceptional company and we are very honored that they’ve shown such an interest in Bandit and our corporate culture,” said Bandit Industries President Jerry Morey. “We share many common ideas and visions, and we are grateful for the relationships we’ve built.
“Ultimately, we decided the best future for Bandit and our 400 employees at this time was to remain a private company.”
This comes as the company said it is finishing a record sales year in 2013, a year that also saw the completion of a factory expansion of approximately 20,000 sq. ft., and additional expansions in the works. The company said its dealer network in the United States and abroad is also expanding.
“When we first announced that we were considering offers to sell Bandit, myself, Mike Morey Sr. and Dianne Morey said that we would only sell if it was the right fit,” said Jerry Morey. “Taking care of our employees and our dealer network, continuing to support our mid-Michigan community and maintaining the Bandit legacy we built over the last 30 years — these are things we cannot put a price on.”
But Morey added that “we will continue to explore options for a potential sale of the company while sticking to these basic truths that form the core of Bandit Industries.”
Bandit currently employs 408 people at its mid-Michigan headquarters, constructing nearly 50 different wood processing machines that range from small wood chippers to large wood waste recyclers, stump grinders and forestry mowers. Bandit equipment is sold worldwide through a global dealer network with over 160 locations.
Alamo Group, headquartered in Seguin, Texas, is a manufacturer of equipment for right-of-way maintenance and agriculture including truck and tractor mounted mowing and vegetation maintenance equipment, street sweepers, snow removal equipment, pothole patchers, excavators, vacuum trucks, agricultural implements and related aftermarket parts and services. Founded in 1969, Alamo operates 18 plants in North America and Europe with approximately 2500 employees.