Alamo Group Inc. announced that negotiations relating to the proposed acquisition of Bandit Industries, Inc. was recently terminated. The proposed transaction with Bandit had previously been announced on November 19, 2013, based on the letter of intent entered between the parties and as a result of the public disclosure that the transaction had been approved under the Hart-Scott-Rodino antitrust review.
As announced at that time by Alamo Group, 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.
Bandit Industries is a manufacturer of brush and forestry grinderws, chippers and mowers based at Remus, Mich. Brandit announced the company will remain privately owned in the hands of current owners Jerry Morey, Mike Morey Sr., and Dianne Morey.
Alamo Group designs, manufactures, distributes and services equipment for right-of-way maintenance and agriculture. The company’s products include truck and tractor mounted vegetation maintenance equipment, street sweepers, snow removal equipment, pothole patchers, excavators, vacuum trucks, agricultural implements and related after-market parts and services. A huge part of the product line is rotary, flail, sickle and boom mowers.
Alamo Group was founded in 1969, has approximately 2,500 employees and operates eighteen plants in North America and Europe. The corporate offices are located in Seguin, Texas, and the headquarters for the company’s European operations are located in Salford Priors, England.