The acquisition of light tactical vehicle manufacturer AM General this month by a private equity firm that focuses on manufacturing companies will aid the company in its customer commitments, Andy Hove, CEO of AM General, said on Wednesday.
“We have an owner now that understands our basic mission is manufacturing and manufacturing excellence,” Hove said during an exhibitor webinar as part of the annual Association of the U.S. Army conference this is being held virtually this year. “And we have a new owner who’s interested in making the kinds of investments that we think we need to make in order to satisfy our U.S. Army customer and all of our other global customers.”
KPS Capital Partners on Oct. 1 closed its acquisition of AM General, purchasing the long-time Army and military vehicle manufacturer from its previous private equity owner, MacAndrews & Forbes, Inc. Terms of the transaction, which was first announced in July, were not disclosed.
Hove said that KPS is focused strictly on companies that manufacture products and has experience in “specialty automotive manufacturing companies at a global scale.”
KPS said in July that it plans to work with Hove and AM General’s management on building the company organically and through acquisitions.
AM General, based in South Bend, Ind., is best known for the Humvee tactical wheeled vehicle it has manufactured for the U.S. military and allies for decades. The company is also developing new kits to expand the capabilities of the Humvee and an autonomous military ambulance.