Morbark, the US producer of the Boxer mini skid steers, has acquired Rayco Manufacturing, a US-based forestry and landscaping equipment manufacturer.
The deal, for an undisclosed price, will add stump cutters, crawler trucks, forestry mulchers, multi-tool carriers, brush chippers and aerial trimmers to Morbark’s existing forestry, tree care and recycling products.
Rayco’s founder and CEO, John Bowling, will continue to develop new products and will have an economic interest in the combined business. He will be a member of Morbark’s board of directors. Morbark will operate Rayco as a new division, maintaining its brand.
Dave Herr, Chief Executive Officer of Morbark, said he was thrilled with the deal; “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 Bowling, Chief Executive Officer of Rayco, said, “Our family is very proud of the legacy we have established and nurtured over the past 39 years. 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.”
Rayco’s equipment is designed and produced in Wooster, Ohio, and sold through an international dealer network offering equipment sales, rentals, parts, and accessories.
This is the first major acquisition by Morbark since it was acquired by private equity company Stellex Capital Management in March 2016. Stellex is based in New York, NY and has a European office in London, UK.