South Bend-based AM General LLC, the maker of the HUMVEE, is about to undergo an ownership change.
Private equity firm KPS Capital Partners LP says it has signed a definitive agreement to acquire the company from an affiliate of another private equity firm, MacAndrews & Forbes Inc.
Financial terms of the transaction were not disclosed.
“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,” said Jay Bernstein, a partner of KPS.
AM General designs, engineers, manufactures, supplies, and supports specialized vehicles for military and commercial customers worldwide, including the High Mobility Multipurpose Wheeled Vehicle (HUMVEE). The company owns manufacturing plants in Mishawaka and Ohio.
KPS says the sale is expected to close in the third or fourth quarter of 2020 and is subject to customary closing conditions and approvals.