Rush Enterprises completes MCT Companies joint venture to expand refrigeration services
Key takeaways
- Rush Enterprises and an MCT Companies affiliate each own 50% of MCT Holdco.
- MCT Companies operates 17 Carrier Transicold dealerships and three mobile service locations.
- The joint venture covers refrigeration services across six states.
Rush Enterprises recently completed its joint venture with MCT Companies to expand its commercial vehicle solutions into transport refrigeration products and services.
The company, which operates a network of commercial vehicle dealerships in North America, now owns 50% of MCT Holdco alongside an affiliate of MCT Companies. Effective Aug. 31, the joint venture began operating MCT Companies under its existing name.
MCT Companies operates 17 Carrier Transicold full-service dealerships and three mobile service locations across California, Nebraska, Kansas, North Carolina, South Carolina, and Virginia. The company provides sales, parts, and service for Carrier Transicold truck, trailer, and rail refrigeration systems and auxiliary power units, along with refrigerated trailer rentals and mobile service.
Rush Enterprises will account for its ownership in MCT Holdco as an equity method investment and will not consolidate the joint venture within its truck segment or any other operating segment.
The partnership combines the technology, operating systems, and expertise of both organizations with Rush Enterprises' scale and financial resources. MCT Companies will continue to be led by Bill Willett as CEO and president.
“I am pleased to announce the closing of our investment in MCT Companies,” W.M. “Rusty” Rush, chairman, CEO, and president of Rush Enterprises, said. “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.”
What this means for the trucking industry
The joint venture expands Rush Enterprises' reach into transport refrigeration, giving the company an interest in a network serving refrigerated transportation customers. For fleets operating refrigerated equipment, the combination of dealership locations, mobile service, parts, and refrigeration expertise could support broader service capabilities as the venture invests in MCT Companies' growth.