Morbark Acquires Rayco Manufacturing
By Mike Brezonick02 November 2017
Morbark LLC, the Winn, Mich., manufacturer of forestry, recycling, tree care, sawmill and biomass equipment, announced it has completed the acquisition of Rayco Manufacturing, Inc. Headquartered in Wooster, Ohio, Rayco supplies environmental, forestry, landscaping, and construction equipment such as stump cutters, horizontal grinders, brush chippers, forestry mulchers and rubber crawler trucks. No financial details were provided.
The transaction represents the first addition since affiliates of the private equity firm Stellex Capital Management LP acquired Morbark in 2016. The purchase represents a significant move toward the company’s strategic focus on broadening the range of tree care and industrial equipment, aftermarket parts and services, Morbark said.
Rayco was founded in 1978, by John M. Bowling, who as the owner of a tree care service identified the unique needs of the tree and landscape industry and began to build his own equipment.
“We are thrilled to welcome Rayco to the Morbark portfolio of companies,” said Dave Herr, chief executive officer of Morbark. “Rayco is a company that our senior management team has admired for a long time. We value the long-standing success of Rayco and are committed to providing the Bowling family and their dedicated employees the resources they need to continue the success they have built.”
Morbark said it will operate Rayco as a new division maintaining its brand identity. Rayco’s management team will continue to manage the Rayco operations. Bowling, will continue to have an economic interest in the combined business and will be a member of Morbark’s board of directors.