Press Releases & Industry News
Morbark, LLC (Morbark) announced today it had completed the acquisition of Rayco Manufacturing, Inc. (Rayco) This transaction represents the first addition since affiliates of the private equity firm Stellex Capital Management LP (Stellex) acquired Morbark in 2016. The purchase of Rayco represents a significant move towards 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 and began to build equipment to meet and surpass those needs. Today the company is dedicated to the design and production of an incredibly innovative 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 all-new AT71 aerial trimmer.
John Bowling, Chief Executive Officer of Rayco, stated, "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."
Dave Herr, Chief Executive Officer of Morbark, commented, "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. 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."
- The transaction is a positive, strategic fit for both companies. Rayco brings a lineup of innovative equipment into the Morbark family across multiple product categories. In particular, Rayco stump cutters, aerial trimmers, forestry mulchers and crawler trucks will enhance and complement the existing Morbark family of products.
- Rayco founder, John 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.
- Morbark will operate Rayco as a new division maintaining its brand identity. Rayco's experienced management team will continue to manage their operations. Teams from each company will work together to determine how to be more efficient and leverage each other's strengths.
- Herr continued, "Rayco has a well-deserved reputation for providing customers with the equipment and service they demand and the value they deserve. 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."
About Morbark, LLC
Morbark, LLC, based in Winn, Mich., has been innovating and manufacturing durable, high-performance equipment for forestry, recycling, tree care, sawmill and biomass markets for more than 60 years. Morbark equipment helps customers harvest, process and convert wood and other organic waste materials into valuable, useful and profitable products. The Company produces a full line of whole tree and waste wood chippers, flails, brush chippers, horizontal and tub grinders, sawmill equipment, material handling systems and more. For more information, please visit www.morbark.com.
About Rayco Manufacturing, Inc.
Since 1978, Rayco has been one of the most recognizable brands in environmental, forestry, landscaping, and construction equipment. Rayco's line of stump cutters, horizontal grinders, brush chippers, forestry mulchers, and rubber crawler trucks feature innovative designs and a range of options to suit any-sized job and budget, from landscaping to major construction projects. Rayco equipment is engineered and manufactured in Wooster, Ohio, and sold through an international dealer network offering equipment sales, rentals, parts, and accessories, including warranty and technical support. For more information, please visit www.raycomfg.com
About Stellex Capital Management LP
Stellex is a private equity manager that invests in and oversees the US and European corporate assets. Stellex's focus is on middle-market companies going through business or industry transitions, as well as special situation opportunities. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement, and growth for its portfolio companies.
ISABELLA COUNTY, Mich., - Bandit Industries will spend all of 2018 celebrating its 35th anniversary at its mid-Michigan facility, with a world-wide dealer network, and with many thousands of customers spanning multiple industries.
"Thirty-five years is a long time to be in business," said Bandit President and co-owner Jerry Morey. "That's why we're going to take some time in 2018 to appreciate where we've been, what we've accomplished, and how we want to keep innovating and evolving - for our employees, for our customers, and for our industry."
Bandit Industries started out as Foremost Fabrications in a small one-room shop by Mike Morey Sr. and Diane Morey. The first chipper was a Model 100 Brush Bandit. That chipper caught on in the industry, backed by our commitment to quality and our customers. It became so popular in the industry that most people knew Foremost Fabrications as "Bandit," so in 1986, we took the name officially as Bandit Industries.
Bandit has grown by leaps and bounds in the last 35 years, continually refining our machines, adding new models, new product lines, growing our dealer network and customer base. Today, more than 60,000 Bandit machines are in use all around the world, and more than 200 dealer locations serve our customers in six continents.
During the growth over the last three decades, Bandit never lost sight of who it is and what is does, said Morey.
"Bandit is a company dedicated to producing the highest quality equipment for the hardest working men and women," he said. "For the last 35 years, we've worked tirelessly to build the best equipment, and in 2018, we reaffirm our commitment to them, and to our industry."
Learn more about Bandit's complete lineup of hand-fed chippers, stump grinders, skid-steer attachments, whole tree chippers, The Beast horizontal grinders, and more by visiting www.banditchippers.com.
November 15, 2017 (Guthrie Center, Iowa) DICA's new ProStack Cribbing products have been expanded to include smaller Medium Duty interlocking blocks and pad sizes. The reduced size is specifically designed for aerial bucket trucks and digger derricks where additional cribbing height is needed to support and stabilize the equipment in un-level environments.
Like the original Heavy Duty ProStack Cribbing, the smaller Medium Duty size has an engineered interlocking design that safely provides additional height under outrigger floats for increased cribbing height.
Both Medium and Heavy Duty ProStack Cribbing set-ups are made up of three basic parts; a base SafetyTech Outrigger Pad, ProStack Interlocking Cribbing Blocks and a ProStack, high friction top Grip Pad. The base SafetyTech Outrigger Pad is manufactured with an interlocking pyramid surface. Operators then stack layers of ProStack Cribbing Blocks, to the desired height. Lastly, a ProStack Grip Pad is placed on top of the stack to provide a high friction surface for the outrigger foot, and to protect the pyramid surface on the cribbing blocks.
The new Medium Duty ProStack Cribbing is 6" thick 12"x12" which is half the size and weight of the Heavy Duty 6" thick 12"x24" cribbing blocks. The Medium Duty blocks weigh just 27 pounds each, and are intended to be used with 24" SafetyTech Outrigger Pads.
"ProStack Cribbing performance is predictable and reliable unlike most other solutions commonly employed in the field. The engineered material is strong, impervious to environmental conditions, and all components are ergonomically designed to be user-friendly. By interlocking together, ProStack Cribbing creates a more secure set-up under the stabilizer or outrigger foot. This increases safety in situations where the ground is not level." said Kris Koberg, CEO.
DICA recently displayed the Medium Duty ProStack Cribbing setup for the tree care industry at the TCI Expo in Columbus, Ohio.
ST. PETER, Minn. - Jarraff Industries recently announced the appointment of Steve VanRoekel as its new Chief Operating Officer (COO). Steve most recently served as President and CEO of animal feed company Ridley Inc., Mankato, MN
"We are very excited to welcome Steve to our team. His executive experience and team building skills are an ideal fit and welcome addition to Jarraff Industries," said Heidi Boyum, President/CEO Jarraff Industries.
In his 12 years as CEO and President of Ridley, Steve led a team that created more than $400 million in shareholder value culminating in the acquisition of Ridley by Alltech in June of 2015. After leading the transition to Alltech, Steve left Ridley in November of 2016.
Steve is active in the Greater Mankato Area United Way and has served on the Board of Directors of Mankato-based nonprofits Feeding Our Community Partners and YMCA, where he also participated in its school based mentoring program.
Jarraff Industries manufacturers a line of advanced ROW maintenance, brush clearing and tree trimming equipment including the Jarraff All-Terrain Tree Trimmer, the Geo-Boy Brush Cutter Tractor and the Mini-Jarraff Rear Lot Trimmer.