Mike Morey Sr., Dianne Morey and Jerry Morey, owners of Bandit Industries, Remus, Michigan, have announced on June 7 they would 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.
The announcement comes after two previous attempts to sell Bandit Industries, once to another manufacturer and once 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,” Dianne Morey says.
“It will be fun to watch our crew take it to the next level,” Mike Morey, who developed the very first Bandit chipper in 1983 and founded Bandit, says.
Bandit says 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 also recently entered into an agreement with Arjes GmbH, a 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. Arjes says its product line can shred cement with rerod, asphalt, steel belted tires and complete cars and trucks.
Bandit will celebrate its 35th anniversary in September with a dealer meeting and a field day open to the public. All Bandit’s products will be shown, including the 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,” Jerry Morey says. “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.”
Learn more about Bandit Industries by visiting www.banditchippers.com.