KPS Capital Partners to Buy Military Vehicle Maker AM General; Andy Hove Quoted

KPS Capital Partners to Buy Military Vehicle Maker AM General; Andy Hove Quoted
Andy Hove President and CEO AM General

KPS Capital Partners, a private equity firm, has agreed to acquire military vehicle manufacturer AM General from a MacAndrews & Forbes affiliate for an undisclosed sum.

KPS said Wednesday it expects to close the transaction by the third or fourth quarter of 2020, subject to approvals and other customary closing conditions.

South Bend, Ind.-based AM General designs and produces military light tactical vehicles, including the High Mobility Multipurpose Wheeled Vehicle or Humvee. It has manufacturing sites in Indiana and Ohio and a technical engineering center in Michigan and works with over 1,700 suppliers across 43 states.

“We look forward to working with KPS to continue to execute our strategy and invest in our very ambitious growth plan,” said AM General Andy Hove.

Hove added that KPS’ commitment to investing in innovation and technology will help AM General further build up its capability to compete in military and commercial markets.

Jay Bernstein, a partner at KPS, said the firm intends to leverage AM General’s commitment to product development, research and innovation and looks forward to working with Hove, other members of the management team and all employees to pursue growth for the benefit of clients and stakeholders.

Kirkland & Ellis advised KPS and its affiliates on the deal’s legal aspect.

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