Country for PR: United States
Contributor: PR Newswire New York
Wednesday, July 22 2020 - 23:30
KPS Capital Partners To Acquire AM General LLC
NEW YORK, July 22, 2020 /PRNewswire-AsiaNet/ --

KPS Capital Partners, LP ("KPS") announced today that, through a newly formed 
affiliate, it has signed a definitive agreement to acquire AM General LLC ("AM 
General" or the "Company") from an affiliate of MacAndrews & Forbes 
Incorporated.  Financial terms of the transaction were not disclosed. 

Logo -  

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(R).  The Company is a global leader in ground vehicle systems and its 
military business is widely recognized for excellence in design, engineering, 
manufacturing and logistics support of tactical vehicles.  AM General has built 
and maintained over one million vehicles in the last 100 years and over 300,000 
automotive systems in more than 70 countries.  Today, AM General builds more 
military light tactical vehicles than any other company in the world.  
Headquartered in South Bend, Indiana with manufacturing facilities located in 
Indiana and Ohio, and a state-of-the-art technical engineering center in 
Michigan, AM General employs a strong workforce and partners with more than 
1,700 suppliers across 43 states.

Jay Bernstein, a Partner of KPS, said, "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.  We look 
forward to working with Chief Executive Officer Andy Hove, the Company's 
management team, and all of AM General's employees to build on this great 
platform, organically and through acquisition.  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.  KPS' demonstrated 
track record and history of successfully investing in specialty vehicle 
businesses - as well as its global platform and significant financial resources 
- make us exceedingly confident that AM General will continue to thrive under 
KPS' ownership for the benefit of its customers and all stakeholders."

Andy Hove, Chief Executive Officer of AM General, said, "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.  We look forward to working with KPS to continue to execute our 
strategy and invest in our very ambitious growth plan.  KPS' demonstrated 
commitment to manufacturing excellence, continuous improvement and commitment 
to invest in technology and innovation will only enhance the Company's ability 
to compete in today's military and commercial marketplace." 

Completion of the transaction is expected in the third or fourth quarter of 
2020 and is subject to customary closing conditions and approvals.

Kirkland & Ellis served as legal counsel to KPS and its affiliates.  

About AM General LLC
AM General is the world leader in the design, engineering, manufacturing and 
support of light tactical vehicles.  AM General is the designer and sole 
manufacturer of the HUMVEE(R) - the global military 4x4 leader.  AM General, 
through its heritage companies, has built and maintained over one million 
vehicles in the last 100 years and over 300,000 automotive systems in more than 
70 countries.   AM General is headquartered in South Bend, Illinois.  For more 
information about AM General, visit 

About KPS Capital Partners, LP
KPS, through its affiliated management entities, is the manager of the KPS 
Special Situations Funds, a family of investment funds with approximately $11.4 
billion of assets under management (as of March 31, 2020).  For over two 
decades, the Partners of KPS have worked exclusively to realize significant 
capital appreciation by making controlling equity investments in manufacturing 
and industrial companies across a diverse array of industries, including basic 
materials, branded consumer, healthcare and luxury products, automotive parts, 
capital equipment and general manufacturing.  KPS creates value for its 
investors by working constructively with talented management teams to make 
businesses better, and generates investment returns by structurally improving 
the strategic position, competitiveness and profitability of its portfolio 
companies, rather than primarily relying on financial leverage.  The KPS Funds' 
portfolio companies currently have aggregate annual revenues of approximately 
$8.4 billion, operate 150 manufacturing facilities in 26 countries, and have 
over 23,000 employees, directly and through joint ventures worldwide.  The KPS 
investment strategy and portfolio companies are described in detail at

SOURCE: KPS Capital Partners, LP

CONTACT: Business Inquiries: KPS, +1 212.338.5100; Media Relations: Mark Semer, 
+1 917.439.3507; or Daniel Yunger, +1 917.574.8582