Landscape and Irrigation is read by decision makers throughout the landscape and irrigation markets — including contractors, landscape architects, professional grounds managers, and irrigation and water mgmt companies and reaches the entire spetrum.
Issue link: http://read.dmtmag.com/i/369214
8 Landscape and Irrigation September 2014 www.landscapeirrigation.com BandIt IndustrIes Inks deaL wIth another MIchIgan- Based coMpany Michigan-based companies Huron Capital Partners ("Huron Capital") and Bandit Industries entered into a letter of intent to recapitalize Bandit as a private com- pany, 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 com- pany 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. "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," said Jerry Morey. "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. Huron Capital has a long history of growing companies while maintaining their independent operations and unique company culture, and that was a sig- nificant factor in our decision to partner with the firm. It also feels good to be working with another Michigan-based company that understands our challenges and shares our hometown pride. We are very much looking forward to the future for both Bandit and our mid-Michigan community." Bandit Industries will remain at its current 280,000-square-foot world head- quarters between Remus and Mount Pleasant, Mich. All existing operations, including the workforce, management teams, and distribution and dealer net- work will remain in place. Bandit will also continue to have a large role in support- ing and participating in local community events and sponsorships. "Bandit's history as an independent, family-run business is an important crite- ria for us," said Mike Beauregard, senior partner at Huron Capital. "Our invest- ment in the business will preserve the legacy and culture of this business while continuing to expand globally under the Bandit brand. The business will remain a private, Michigan-based company funded with Michigan-based capital and employ- ing Michigan-based people." Founded in 1983, Bandit Industries is a leader in the design, manufacture, distri- bution and service of hand-fed and whole tree wood chippers, stump grinders, for- estry mowers, Beast recycling machines, and other specialty wood and waste pro- cessing equipment. Bandit serves profes- sionals in the logging, forestry, tree care, land-clearing, recycling, and renewable energy markets through a global dealer network of more than 160 locations. Huron Capital is an operationally focused private equity firm with a long history of growing lower middle-market companies through its customized buy- and-build investment model. toro BecoMes IrrIgatIon assocIatIon pLatInuM MeMBer The Irrigation Association Board of Directors announced that The Toro Company, Riverside, Calif. has upgraded to the highest level of IA membership: Platinum. "Under the leadership of Phil Burkart [IA past president and Toro vice presi- dent/general manager], the entire Toro irrigation team has continued to make outstanding contributions to our organi- zation," said IA CEO Deborah Hamlin, CAE, FASAE. "We are extremely pleased to welcome them to IA's most elite group of member sponsors." "Toro has supported the association in various ways throughout the years — with monetary donations from our Toro Foundation, volunteer service on IA boards and committees, event spon- sorship and more," said Peter Moeller, director of marketing for Toro. "In this, Toro's 100th anniversary year, we felt that upgrading our membership to plati- num will ensure customers recognize our steadfast commitment to the industry and to the major irrigation authority." Toro's investment will help the associ- ation implement its revised strategic plan, adopted by the IA Board of Directors in September 2013. The new plan focuses on changing the public perception of irrigation by developing standards and regulations, and educating frontline irriga- tion professionals. Platinum membership also provides expanded benefits, including increased industry exposure through IA's media channels and exclusive marketing and advertising discounts. In addition to regu- lar membership, IA offers four premium categories for companies: bronze, silver, gold and platinum. All member dues help fund the association's core strategic initiatives. Toro joins Ewing Irrigation Products and Hunter Industries as an IA platinum member. John deere expands LIneup of coMMercIaL front Mowers John Deere increased its front-mount mower models with the new 1500 Series TerrainCut front mowers. The series adds 5 new models — the 1550, 1570, 1575 (pictured), 1580 and 1585 TerrainCut to the existing front mower lineup. The Final Tier 4-compliant machines increase uptime and reduce operating costs with enhanced performance, comfort and ver- satility. "The new 1500 Series TerrainCut offers an industry-exclusive, factory- installed ComfortCab for climate- controlled comfort and improved ergo- Industry News