Specialty vehicle maker AM General of South Bend is being purchased by KPS Capital Partners of New York.
KPS is buying the company from an affiliate of MacAndrews & Forbes Inc., terms of the deal were not disclosed and is expected to close before year’s end.
Andy Hove, CEO of AM General, said his firm looks forward to working with its new investment partner.
“KPS, with a decades-long track record of building world class, industry-leading companies, is the ideal partner for AM General and the military and commercial customers we serve,” Hove said. “KPS' demonstrated commitment to manufacturing excellence, continuous improvement and commitment to invest in technology and innovation will only enhance (our company’s) ability to compete in today's military and commercial marketplace.”
Jay Bernstein, a partner of KPS, said his firm looks forward to helping AM General grow.
“We are excited to acquire AM General, a legendary American company and world leader in the design, engineering, manufacturing and support of light tactical and specialty vehicles,” Bernstein said. “We intend to leverage the company's commitment to research, technology, innovation and new product development, as well as its heritage and iconic brand name.”
Bernstein said KPS' track record of successfully investing in specialty vehicle businesses – as well as its global platform and significant financial resources – should help AM General thrive.
“(We are) exceedingly confident that AM General will continue to thrive under KPS' ownership for the benefit of its customers and all stakeholders,” he said.
AM General designs, engineers, manufactures, supplies and supports specialized vehicles for military and commercial customers worldwide, including the iconic High Mobility Multipurpose Wheeled Vehicle colloquially known as the Humvee. The company manufacturing facilities in Indiana and Ohio, and an engineering center in Michigan.
