Bandit Industries announced that it has entered into a letter of intent with Alamo Group Inc. 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.
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.
Bandit Industries, Inc. is one of the largest manufacturers and leading suppliers of hand-fed brush and wood chippers, whole tree chippers, stump grinders, forestry mowers, and waste reduction machines including the powerful Beast Recycler horizontal grinder.
Alamo Group is a leader in the design, manufacture, distribution and service of high quality equipment for right-of-way maintenance and agriculture. 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 aftermarket parts and services. The company, founded in 1969, has approximately 2,500 employees and operates 18 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.