Rush Enterprises, the largest commercial vehicle dealership network in North America, and MCT Companies, one of the largest Carrier Transicold dealers in the United States, completed a joint venture.
Effective Aug. 31, each company owns 50% of MCT Holdco, which will continue to operate under MCT Companies and will run 17 Carrier Transicold full-service dealerships and three mobile service locations across California, Nebraska, Kansas, North Carolina, South Carolina and Virginia.
MCT will be led by Bill Willett as CEO and president.
[RELATED: Rush holds steady in second quarter, sees gradually improving market]
"This joint venture marks an exciting new chapter for MCT Companies and our employees," Willett says. "Our partnership with Rush Enterprises gives us access to additional resources, technology and scale while allowing us to build on the culture, customer relationships and transport refrigeration expertise that have made MCT companies successful. With the transaction now complete, we can begin making the investments necessary to accelerate our long-term growth strategy and to better serve our customers and employees."
Rush will account for its ownership in the company as an equity investment and will not consolidate it within any of its operating segments. The investment allows Rush to expand its portfolio of commercial vehicle solutions and will allow MCT to access Rush's scale and financial resources to support growth and customer service.
"I am pleased to announce the closing of our investment in MCT Companies," says W.M. "Rusty" Rush, chairman, CEO and president of Rush Enterprises. "This transaction represents Rush Enterprises' first investment in a dealership group that is not focused on commercial vehicle sales, and we believe that the closing of this transaction is an important step in our ability to achieve growth through investments in businesses that are adjacent to the commercial vehicle market. I have the utmost confidence in Bill Willett and the MCT team, and I am excited to begin putting the strengths of both companies to work to support our customers, grow the business and create long-term value for our shareholders."
