After two attempts to sell family-owned Bandit Industries, Mike, Dianne and Jerry Morey said they will sell 100 percent of the company to their employees in an employee stock ownership plan (ESOP). Under the ESOP, Bandit will retain its current leadership and key management personnel will remain in place.
“It will also allow Bandit to always remain Bandit,” the company said in an announcement.
Two previous sale attempts were made – one to another manufacturer and another to a private investment firm.
“We realized neither was a good fit for Bandit, so we made the decision to sell to our trusted employees,” said Dianne Morey.
“It will be fun to watch our crew take it to the next level,” said Mike Morey, who developed the first Bandit chipper in 1983 and founded Bandit Industries.
Bandit said it is growing rapidly with 20 percent growth per year with two plant expansions currently underway and several new products being introduced later this year.
Bandit recently entered into an agreement with ARJES GmbH, a leading slow speed shredder manufacturer from Germany. Bandit will sell and distribute the ARJES products in the Americas, Australia, New Zealand, South Africa, Indonesia and other parts of the world. The product line will shred almost anything, including cement with rerod, asphalt, steel belted tires and complete cars and trucks.
In September, Bandit will celebrate its 35th anniversary with a dealer meeting and a field day open to the public. All of the Bandit products will be shown, including new products that are about to be released and the ARJES line of shredders.
“We are a leading supplier in all of the markets that we are in,” said Jerry Morey. “We have a very strong, dedicated dealer organization and a great crew, which is the key to our success. Our employees are experienced, smart and loyal to us. That is why we are so confident that an employee owned company is the right fit for Bandit. All our employees will have a stake in the company.”
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