Humvee-maker AM General has been acquired by KPS Capital Partners, a private equity firm known for buying financially distressed manufacturers, the companies announced Wednesday.
KPS acquired AM General of South Bend, Indiana, from MacAndrews & Forbes in a deal in which terms were not disclosed. AM General has largely been stagnant since losing the competition for the U.S. Army’s Joint Light Tactical Vehicle in 2015 to Oshkosh.
US; AM General sold to KPS