Rush Enterprises and MCT Companies recently signed an agreement to establish a 50/50 joint venture aimed at the refrigerated transportation sector. The new entity, MCT Holdings, will take over MCT’s existing network of Carrier Transicold truck, trailer, and rail refrigeration, as well as auxiliary power unit (APU) dealerships.
According to an SEC Form 8-K filed July 23, Rush will acquire its 50% equity stake in the joint venture for approximately $47.5 million. The real estate associated with the dealership locations is not included in the purchase price; it will continue to be owned by an MCT affiliate and leased to the joint venture. Rush also noted in the filing it does not plan to consolidate the new JV within its truck segment for financial reporting purposes.
“This joint venture provides us with access to additional capital and operational resources that will help accelerate our long-term growth strategy,” MCT Companies CEO Bill Willett said in a news release. “Most importantly, it will enable us to better serve our customers by expanding our service capabilities, investing in our facilities and technicians, and delivering the responsiveness and uptime they depend on to keep their refrigerated fleets operating.”
MCT Holdings will operate 17 full-service dealerships and three mobile service locations spanning the East Coast, West Coast, and Midwest, with specific operations in California, Nebraska, Kansas, North Carolina, South Carolina, and Virginia.
Willett will retain his title and serve as CEO and President of the newly formed MCT Holdings.
Strategic expansion for Rush
For Rush Enterprises, which operates the largest network of commercial vehicle dealerships in North America, the deal represents a strategic push into adjacent commercial vehicle segments. Company leadership noted that branching into the temperature-controlled market helps diversify revenue and create a more balanced business model to help buffer against standard commercial truck sales cycles.
“Bill Willett and the MCT team have built a successful and respected Carrier Transicold dealership network, and we are excited to partner with them to continue building on that success,” said W.M. “Rusty” Rush, chairman, CEO, and president of Rush Enterprises. Rush added that gaining a foothold in the Carrier Transicold network aligns with the company’s focus on investing in premium commercial vehicle brands.
The transaction is expected to be finalized in the third quarter of 2026.
