Owners of the wood processing equipment company say they continue to explore options.
Bandit Industries, Remus, Mich., has announced that the company will remain privately owned, in the hands of current owners Jerry Morey, Mike Morey Sr. and Dianne Morey. The three have elected to turn down the offer from Alamo Group Inc., Seguin, Texas, negating Alamo’s pending acquisition of Bandit.
“Alamo is an exceptional company and we are very honored that they’ve shown such an interest in Bandit and our corporate culture,” says Bandit Industries President Jerry Morey. “We share many common ideas and visions, and we are grateful for the relationships we’ve built. Ultimately, we decided the best future for Bandit and our 400 employees at this time was to remain a private company.”
According to a statement issued by Alamo on Dec. 16, 2013,”… the transaction was subject to completion of an acquisition agreement and certain other conditions, and, as of now, the parties have been unable to reach an agreement on a basis for going forward.”
2013 has been a record sales year for Bandit Industries, according to the company. The company says it recently completed a factory expansion of approximately 20,000 square feet, with additional expansions already in the works. The company’s dealer network in the United States and abroad is also expanding, and with demand for Bandit wood processing equipment at an all-time high, the company continues to hire new employees at all levels, it adds.
“When we first announced that we were considering offers to sell Bandit, myself, Mike Morey Sr. and Dianne Morey said that we would only sell if it was the right fit,” explains Jerry Morey. “Taking care of our employees and our dealer network, continuing to support our mid-Michigan community and maintaining the Bandit legacy we built over the last 30 years; these are things we cannot put a price on.”
He continues, “Bandit Industries is stronger than ever because of our employees, the hard work from our dealers, and our basic business model of building reliable equipment and taking care of our customers. We will continue to explore options for a potential sale of the company while sticking to these basic truths that form the core of Bandit Industries.”
Bandit currently employs 408 people at its mid-Michigan headquarters, constructing nearly 50 different models of wood processing machines that range from small wood chippers to large wood waste recyclers, stump grinders and forestry mowers.