Morbark has expanded its range of tree care and industrial equipment following the acquisition of Rayco Manufacturing.
The acquisition is the first addition to the company, since Morbark was purchased by affiliates of the private equity firm Stellex Capital Management LP in 2016. Rayco’s stump cutters, aerial trimmers, forestry mulchers and crawler trucks will expand the existing Morbark family of products.
“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.”
John M. Bowling created Rayco in 1978 in Wooster, Ohio. As the owner of a tree care service, he identified the needs of the industry and began to build equipment for the tree and landscape business. Today the company designs and produces a wide range 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.
Bowling will continue his work with the team to develop new products and help 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.
“Our family is very proud of the legacy we have established and nurtured over the past 39 years,” said Bowling, chief executive officer 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.”
Morbark will operate Rayco as a new division and maintain the company’s brand identity. As well, Rayco’s management team will continue to lead their segments at the company. Teams from each company will work together to determine how to be more efficient and leverage each other’s strengths.
“Rayco has a well-deserved reputation for providing customers with the equipment and service they demand and the value they deserve,” Herr said. “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.”