The Alamo Group has signed a letter of intent to acquire Bandit Industries, Bandit officials announced. The acquisition has received regulatory approval, and consummation of the acquisition is subject to certain other pre-closing requirements. The acquisition of Bandit by Alamo would allow Bandit to better capitalize on the rapid growth the company has experienced during the past three years, while also preserving the Bandit brand.
“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 Bandit president Jerry Morey, who co-owned the company along with Mike Morey Sr. and Diane 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.”
It is expected that Bandit Industries will remain headquartered at its current mid-Michigan location and that its existing operations, including the workforce, management and sales distribution network will also remain in place, and that Jerry, Mike and Diane Morey will be involved with the company following the sale and during the transition to Alamo.
“We are delighted that we have found a company that will keep our operations at our mid-Michigan home,” added Morey. “We will continue to support the communities of Isabella County and Central Michigan that have supported us through the years.”
Alamo Group designs, manufactures, distributes and services equipment for right-of-way maintenance and agriculture, including truck- and tractor-mounted moving and other vegetation-maintenance equipment, street sweepers, snow-removal equipment, pothole patchers, excavators, vacuum trucks and more. Alamo is based in Seguin, Texas, with European operations based in Salford Priors, U.K.
Bandit Industries, best known for its chipper/shredders, stump grinders and recycling equipment, is based in Remus, Mich.
