Bandit Industries signed a letter of intent with Huron Capital to recapitalize the company privately. According to a press release, Bandit President and CEO Jerry Morey will continue to run the company in the interim. Bandit will embark on a CEO succession upon closing the deal.
In addition, Bandit says Mike Morey and Dianne Morey will remain with the company in consulting roles. Jerry, Mike, Dianne and Detroit-based Huron Capital will co-own Bandit. The investment is expected to close this fall.
“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,” Jerry says, in a press release. “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.
Bandit’s headquarters will remain between Remus and Mount Pleasant, Mich. All existing operations, including the workforce, management teams, distribution and dealer network will stay in place, as well.