Morbark, a forestry, recycling, tree care, and biomass manufacturer based in Winn near Mount Pleasant, today announced the completed acquisition of Ohio-based Rayco Manufacturing Inc. The transaction represents the first addition since affiliates of the private equity firm Stellex Capital Management acquired Morbark in 2016 and represents a significant move toward broadening the company’s range of tree care and industrial equipment.
Morbark will operate Rayco as a new division, maintaining its brand identity and management team. Employees from each company will also work together to continue creating products and leverage each other’s strengths.
Rayco was founded in 1978 when founder John M. Bowling began building equipment to meet the needs of the tree and landscape industry. The company designs and produces innovative environmental equipment, including stump cutters, crawler trucks, forestry mulchers, multi-tool carriers, brush clippers, and attachments. The product lineup Rayco brings to the acquisition will enhance Mobark’s existing family of products, company officials say.
“We are thrilled to welcome Rayco to the Morbark portfolio of companies. Rayco is a company that our senior management team has admired for a long time,” says Dave Herr, CEO of Mobark. “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.”
Bowling will continue to work with the team to develop new products and help improve the company’s existing product lines and have an economic interest in the combined business, as well as a spot on Morbark’s board of directors.
“Rayco has a well-deserved reputation for providing customers with the equipment and service they demand and the value they deserve,” adds Herr. “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.”