{"id":20577,"date":"2020-08-13T19:39:14","date_gmt":"2020-08-13T19:39:14","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2020\/08\/13\/am-general-ceo-on-acquisition-by-a-private-equity-firm\/"},"modified":"2026-08-07T21:49:32","modified_gmt":"2026-08-07T21:49:32","slug":"am-general-ceo-on-acquisition-by-a-private-equity-firm","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/interviews\/2020\/08\/13\/am-general-ceo-on-acquisition-by-a-private-equity-firm\/","title":{"rendered":"AM General CEO on acquisition by a private equity firm"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">WASHINGTON \u2015 KPS Capital Partners is acquiring Humvee-maker AM General, the private equity firm <a href=\"https:\/\/www.defensenews.com\/land\/2020\/07\/22\/private-equity-firm-buys-humvee-maker-am-general\/\" target=_blank>announced<\/a> last month, marking a new chapter for the South Bend, Indiana-based vehicle maker.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AM General President and CEO Andy Hove will continue to lead the company, and KPS Partner Jay Bernstein said the firm would continue to build on the ubiquitous Humvee, leveraging the company\u2019s \u201cresearch, technology, innovation and new product development, as well as its heritage and iconic brand name.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Humvee appears to have some growth ahead. For one, U.S. Army budget documents call for $1.5 billion through 2025 to pay for modernization of its fleet of High Mobility Multipurpose Wheeled Vehicles and their up-armored variant. That can include replacing major components, applying new technologies or replacing vehicles entirely. After the Army reaches its procurement objective for the Joint Light Tactical Vehicle, made by Oshkosh, it will have an enduring requirement for 54,800 Humvees.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Otherwise, AM General \u2015 which has advertised both its Brutus 155mm and Hawkeye 105mm mobile howitzers \u2015 is expected to participate in the Army\u2019s mobile howitzer <a href=\"https:\/\/beta.sam.gov\/opp\/593d4fef89884fd1aac5cfc7faf9c40f\/view?keywords=Army&#038;sort=-modifiedDate&#038;index=opp&#038;is_active=true&#038;page=2\" target=_blank>shoot-off<\/a> evaluation at Yuma Proving Ground, Arizona, next year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, the Army is expected to complete a new tactical wheeled vehicle strategy in fiscal 2021, which has thus far received congressional support, per the House and Senate versions of the annual defense policy bill.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hove, who has said KPS will continue to execute AM General\u2019s existing strategy, spoke with Defense News on Aug. 6. This interview has been edited for brevity and clarity.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>Private equity firm KPS Capital Partners is in the process of acquiring AM General. At this preliminary stage, what would you say are KPS\u2019 plans and vision for the company?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I think [KPS partner] Jay Bernstein represented it in his quote in the announcement that they feel really good about the capabilities of AM General and the strategy we\u2019ve been executing. We\u2019ve discussed with them where we can go. They\u2019re confident in our business and the growth prospects of AM General. They feel good about and stand behind our strategy, and we\u2019re going to work together with them.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>Will the company focus more on the Humvee, or do you see it becoming more flexible? What is the future for the Humvee? Who are its customers these days?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To say we\u2019re only focused on the Humvee today would not be a correct premise. We\u2019ve made investments across the board, in base automotive systems, and then automotive systems that have a particular special use. Our core focus is in solving very complex mobility challenges for customers. So the Humvee has a great future. I would offer that you turn to not what I say about what the Army will do but what the Army says they\u2019re going to do on the Humvee fleet, which is to steadily and systematically manage a very large fleet by systematic replacement of that fleet and recapitalization of that fleet going forward.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"768\" height=\"513\" src=\"\/wp-content\/uploads\/2026\/08\/M1165-Spec-Ops-1-768x513.jpg.jpg\" alt=\"\" class=\"wp-image-43791\" srcset=\"https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/M1165-Spec-Ops-1-768x513.jpg.jpg 768w, https:\/\/one.sightlinemg.com\/wp-content\/uploads\/2026\/08\/M1165-Spec-Ops-1-768x513.jpg.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">(Courtesy of AM General)<\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">They\u2019ve been buying new-built Humvees to replace old Humvees over the last four years at a pretty heavy clip and have announced their intention to continue to do that going forward.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019re obviously going to focus on the Humvee because there\u2019s significant demand. It is today the world\u2019s leading military 4&#215;4 in its class, and we build more of them than any other military vehicle manufacturer in the world, and especially more than anybody in our weight class.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That won\u2019t be the only thing we invest in. You can see our investments in the Hawkeye, which brings game-changing breakthrough technology [in relation to] how artillery systems are moved around and employed on the battlefield, together with a whole other range of implementing technologies such as autonomous navigation, off-board power and those kind of things. The U.S. Defense Department is an important customer, but a considerable portion of our businesses is global business, so we take a global view of how we solve mobility challenges for our customers around the globe.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>The Army recently issued a request for information about replacing heavy trucks. Is that a potential opportunity?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We certainly feel like we have something to offer, a range of things to offer there, and that RFI\u2019s only been out for a couple of weeks. We\u2019ll will certainly take a closer look at that. We\u2019re also taking a look at the JLTV competition they announced back in February.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>Defense News recently characterized AM General as \u201clargely stagnant\u201d since losing the competition for the JLTV in 2015 to Oshkosh. Do you want to push back at all to talk about AM General\u2019s time under McAndrew &amp; Forbes?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The JLTV decision was 2015, and the four years since the announcement on the JLTV competition we\u2019ve built more military vehicles than Oshkosh or any other military vehicle manufacturer by a long shot, and sold them to more customers around the globe than anyone else. I think that\u2019s far from being stagnant. There are a lot of adjectives you can apply to the company. \u201cStagnant\u201d would not be the one I would apply.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><b>Private equity firms will typically set up companies they buy for faster growth, and then potentially that\u2019ll lead to a future sale. Do you think that\u2019s something that might happen here, and what do you predict? Is there any indication of time horizons for KPS?<\/b><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">KPS has made a lot of smart investments, they have a pattern, but they\u2019re not going to be pigeonholed into a particular time frame for a next-step strategy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>KPS Capital Partners is acquiring Humvee-maker AM General, the private equity firm announced last month, marking a new chapter for the South Bend, Indiana-based vehicle maker.<\/p>\n","protected":false},"author":7,"featured_media":43786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_meta-robots-noindex":"","_yoast_wpseo_meta-robots-nofollow":"","_yoast_wpseo_canonical":"","_acf":"","_yoast_wpseo_primary_category":13,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","_smg_distribution_targets":[]},"categories":[160,12,13,14,36],"tags":[],"coauthors":[3446],"class_list":["post-20577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-news-roundup","category-industry","category-interviews","category-land","category-newsletters"],"acf":{"subheadline":"","legacy_arc_id":"JTOICDP5IZHFRNOWN7F3OTIMBM","arc_canonical_url":"\/interviews\/2020\/08\/13\/am-general-ceo-on-acquisition-by-a-private-equity-firm\/","remove_feature_photo":false,"is_sponsored":false,"subtype":"","redirect_url":"","disable_inline_ads":false,"native_logo_pretext":"Presented 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