Morbark completed the acquisition of Rayco Manufacturing. This transaction represents the first addition since affiliates of the private equity firm Stellex Capital Management acquired Morbark in 2016. The purchase of Rayco represents a move toward the company’s strategic focus on broadening the range of tree care and industrial equipment, aftermarket parts and service offered to their customers.
Rayco was founded in 1978 in Wooster, Ohio, by John M. Bowling, who as the owner of a tree care service identified the unique needs of the tree and landscape industry. He began to build equipment to meet those needs. Today, the company is dedicated to the design and production of a line of environmental equipment. The current range of Rayco products includes stump cutters, crawler trucks, forestry mulchers, multi-tool carriers and attachments, brush chippers and the AT71 aerial trimmer.
“Our family is very proud of the legacy we have established and nurtured over the past 39 years,” said John Bowling, CEO of Rayco. “As a family-run and -owned business, we view today’s transaction as an opportunity to continue growing our business while joining an even larger family.”
The transaction is a positive, strategic fit for both companies. Rayco founder John Bowling plans to continue to work with the team and develop new products to improve the company’s existing product lines. He will continue to have an economic interest in the combined business and will be a member of Morbark’s board of directors.
Morbark will operate Rayco as a new division maintaining its brand identity. Rayco’s management team will also continue to manage their operations.
“Rayco has a well-deserved reputation for providing customers with equipment and service they demand and the value they deserve,” said Dave Herr, CEO of Morbark. “That product innovation and dedication will continue without interruption. We are excited by what we can bring to Rayco in the way of our experiences, our dealer network and products to complement current Rayco equipment owners.”