Alamo Group To Acquire Bandit Industries
Bandit Industries, the Remus, Mich.-headquartered manufacturer of tree chippers, stump grinders, recyclers, forestry mowers and specialty equipment, announced it has entered into a letter of intent with the Alamo Group Inc. through which Alamo will acquire Bandit. No financial details were provided.
The acquisition has received regulatory approval, Bandit said, and completion of the acquisition is subject to certain other pre-closing requirements. Bandit said the acquisition by Alamo would allow Bandit to better capitalize on the growth the company has experienced in the last three years while also preserving the Bandit legacy built over the last 30 years.
In searching for a prospective buyer, Bandit owners Jerry Morey, Mike Morey Sr. and Dianne Morey said they were adamant about finding a company that was interested in further building the Bandit brand without changing the formula that has been 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.
“We are delighted that we have found a company that will keep our operations at our mid-Michigan home.”
It is expected that Bandit Industries will remain headquartered at its current 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 the Moreys will continue to be involved with the company following the sale and during the transition to Alamo.
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.
Bandit has approximately 270,000 sq. ft. of manufacturing at two locations in central Michigan.