WINN — Forestry equipment manufacturer Morbark LLC has acquired Wooster, Ohio-based Rayco Manufacturing Inc.
The deal marks Winn-based Morbark’s first transaction since being acquired in 2016 as a platform company for New York-based Stellex Capital Management LP, according to a statement.
The addition of Rayco, a maker of environmental, forestry, landscaping, and construction equipment, positions Morbark to offer a broader range of forestry and industrial equipment. Rayco operates a manufacturing and engineering plant in Wooster.
As part of the deal, Rayco founder John Bowling will remain with the company and join Morbark’s board of directors. He maintains “an economic interest” in the company after the deal.
According to a statement, Morbark will maintain the brand identity of Rayco, which it will operate as a new division.
“Rayco is a company that our senior management team has admired for a long time,” Morbark CEO Dave Herr stated. “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.”
Financial terms of the deal were not disclosed.