Huron Capital Partners and Bandit Industries have entered into a letter of intent to recapitalize Bandit as a private company and to provide resources and capital to reinforce Bandit’s continued record growth while accelerating the company’s global growth strategy. Jerry Morey will continue to run the business as president and CEO. Upon closing the deal, 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.
Mike Morey Sr. and Diane Morey will remain with the company in consulting roles and Bandit will be co-owned by Jerry, Mike and Diane Morey and Huron Capital. The investment deal 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. 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 headquarters between Remus and Mount Pleasant, Mich., and all existing operations will remain in place.
“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.”
