Huron Capital Partners ("Huron Capital") and Bandit Industries 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.
Bandit Industries will remain at its current 280,000 square-foot 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.