Bandit Industries enters into letter of intent to be acquired by Alamo Group Inc.
Bandit Industries announced that it has entered into a letter of intent with Alamo Group Inc. (NYSE:ALG) pursuant to which Alamo Group would acquire Bandit Industries. The acquisition contemplated by the letter of intent has received regulatory approval under the Hart Scott Rodino Act. Consummation of the acquisition is subject to certain other pre-closing requirements. The acquisition of Bandit by Alamo would allow Bandit Industries to better capitalize on the rapid 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 were adamant about finding a company that was interested in further building the Bandit brand without changing the formula that has been such 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.”
It is expected that Bandit Industries will remain headquartered at its current mid-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 Jerry Morey, along with Bandit co-owners Mike Morey Sr. and Diane Morey will continue to 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.” said Morey. “We will continue to support the communities of Isabella County and Central Michigan that have supported us though the years.”
Alamo Group is a leader in the design, manufacture, distribution and service of high quality equipment for right-of-way maintenance and agriculture. Our products include truck and tractor mounted mowing and other vegetation maintenance equipment, street sweepers, snow removal equipment, pothole patchers, excavators, vacuum trucks, agricultural implements and related after-market parts and services. The Company, founded in 1969, had approximately 2,500 employees and operates eighteen plants in North America and Europe. The corporate offices of Alamo Group Inc. are located in Seguin, Texas and the headquarters for the Company’s European operations are located in Salford Priors, England.