Bandit Gets New Capital, To Remain Privately Held
Detroit-based Huron Capital Partners and Bandit Industries. the Michigan-based manufacturer of wood chippers, stump grinders, forestry mowers, recycling machines and other specialty wood and waste processing equipment, announced that they have entered into a letter of intent to recapitalize Bandit as a private company and to provide resources and capital to reinforce Bandit's growth and accelerate the company's global growth strategy. Jerry Morey will continue to run the business as president and CEO.
Upon closing, a CEO succession plan will be initiated to recruit and train an executive to lead the business into its next phase. Mike Morey Sr. and Dianne Morey will remain with the company in consulting roles. The company will be co-owned by the Moreys and Huron Capital. The investment is expected to close in the early fall.
"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 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.”
Bandit Industries will remain at its current 280,000 sq. ft. world headquarters between Remus and Mount Pleasant, Mich. All existing operations, including the workforce, management teams, distribution and dealer network will remain in place.