Reyco Granning Suspensions – a manufacturer of air, steel spring and auxiliary suspension systems for heavy-duty vehicles including trucks, trailers and specialty rescue – has been purchased from Tuthill Corp. in a management buyout backed by the private investment group, MAT Capital, an affiliate of MAT Holdings Inc. Terms were not announced.
Founded in 1924 as Reynolds Manufacturing Co., Reyco has been designing and manufacturing suspensions systems for more than 85 years. “We are excited to have a strategic partner that shares our commitment to serve our customers and provide bright futures for our employees,” says Ray Mueller, president of Reyco Granning. Mueller has been with the company for more than 25 years as vice president of engineering before becoming president in 2010.
To facilitate the management buyout, Reyco Granning says its management team conducted a search for a partner that could not only provide financial stability, but also one with transportation industry experience that could be leveraged to ensure the long-term viability of the company.
“Our new partner brings not only financial resources, but a shared global view of the heavy-duty vehicle market,” Mueller says. “Our senior leadership team will stay intact. This group has been in place since early 2010 and consists of both new and long-time managers that have been able to produce significant results over the past year.”