Bandit Industries and Huron Capital join forces for accelerated growth
Huron Capital Partners and Bandit Industries announced last week that they 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, 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 Dianne Morey will remain with the company in consulting roles. Bandit will be co-owned by Jerry Morey, Mike Morey, Dianne Morey and Huron Capital. The investment is expected to close in early fall 2014.
“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 Bandit Industries president 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-sq-ft world headquarters between Remus and Mount Pleasant, Mich. All existing operations, including the workforce, management teams, distribution and dealer network will remain in place. Bandit will also continue to have a large role in supporting and participating in local community events and sponsorships.
“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. The business will remain a private, Michigan-based company funded with Michigan-based capital and employing Michigan-based people.”
