Farmers National Bank acquiring Middlefield Bank

A mix of smaller and larger deals from equipment lenders, dealers and OEMs highlighted merger and acquisition activity during October. 

Farmer National Banc to acquire Middlefield for $299M 

Farmers National Banc will acquire Middlefield Banc in an all-stock transaction valued at about $299 million, creating a Midwest community banking franchise with roughly $7 billion in assets, according to an Oct. 23 Farmers release. Middlefield shareholders will receive 2.6 shares of Farmers’ stock for each share held, based on Farmers’ Oct. 20 closing price of $13.91. 

The deal, approved unanimously by both boards, will combine 83 branches across northeast and central Ohio and western Pennsylvania, according to the release. The transaction, structured as a tax-free reorganization, is slated to close by the end of the first quarter of 2026, pending shareholder and regulatory approval. 

Farmers, based in Canfield, Ohio, had $5.2 billion in assets and $4.6 billion in wealth-management assets under care at the end of the Q3, according to the release. Middlefield, headquartered in Middlefield, Ohio, had $2 billion in assets, including $1.6 billion in loans and deposits as of Sept. 30. 

Farmers also had $351.2 million in non-real estate commercial and industrial loans in Q3, down 2% year over year, according to its Nov. 6 10-Q filing with the SEC. The lender’s non-real estate agricultural loans totaled $$54.8 million, down 6.1% YoY.  

Brenton Point Capital acquires Bobcat dealer 

Brenton Point Capital Partners acquired Bobcat of Connecticut, a five-location dealer of compact construction and industrial equipment serving Connecticut, Massachusetts and Rhode Island, according to an Oct. 22 Brenton Point release. Financial terms were not disclosed. 

The New York–based private investment firm plans to rebrand the business as Premier Equipment Solutions and expand its platform with technology-driven asset management and lifecycle solutions for landscaping, infrastructure, utility and industrial markets, according to the release. Industry veteran Andy Suhy, formerly a principal at accounting and consulting firm Crowe, was named CEO of the new company. 

Brenton Point intends to invest heavily in data and scalable infrastructure to create a “one-stop shop” for compact equipment customers. TM Capital advised Bobcat of Connecticut on the sale, while Fidus Capital acted as senior lender and co-investor. 

CLAAS dealer Reesink expands with Ag Authority buy 

Saskatchewan-based Reesink Canada Holdings acquired Ag Authority, an agricultural equipment dealership in Kinistino, Saskatchewan, according to an Oct. 3 Reesink release. No terms were disclosed for the acquisition, which expands the dealership’s full-line CLAAS network from three to four locations across western Canada. 

The deal strengthens Reesink’s footprint in key agricultural markets and enhances its ability to offer broad product coverage and support new machinery rollouts, according to the release. Ag Authority’s management and staff will remain in place. 

The acquisition aligns with dealership group Royal Reesink’s buy-and-build growth strategy following its 2019 partnership with Triton and the 2023 purchase of Lawson Sales, according to the release. Ag Authority’s lineup includes CLAAS, Horsch, MacDon, Versatile and Elmer’s equipment. 

Canadian Deere dealer Podolinsky strengthens Ontario presence 

Podolinsky Equipment, a family-owned John Deere dealership, acquired Fulline Farm & Garden Equipment, according to an Oct. 16 Podolinsky release. The move expands its presence in Ontario’s agricultural and powersports markets. Financial terms were not disclosed. 

The Podolinsky family, involved with Fulline since its founding in 1987, will integrate operations across locations in Petrolia, Glencoe and Orillia, Ontario, continuing to serve customers in agriculture, construction, golf and turf, according to the release. Longtime Fulline general manager Joe Neto will retire this year after 16 years as GM. 

In addition to John Deere, Podolinsky’s products include JCB and STIHL, as well as powersports brands Arctic Cat and Polaris. 

Toro acquires supply partner Tornado 

The Toro Co. agreed to acquire Tornado Infrastructure Equipment, a Calgary, Alberta-based manufacturer of vacuum excavation trucks used in underground construction and infrastructure maintenance, according to an Oct. 6 Toro release. The all-cash deal is valued at C$279 million ($197.7 million). 

The transaction, expected to close in Toro’s Q1 2026, which ends Jan. 31, pending shareholder and regulatory approvals, will expand Toro’s underground and specialty construction portfolio and strengthen its position in infrastructure markets, according to the release. Toro will finance the acquisition through existing credit facilities and expects about $3 million in annual cost synergies within three years, the release stated. 

The acquisition builds on Toro’s 2022 supply partnership with Tornado through its Ditch Witch division, which co-develops hydrovac trucks, according to the release. The purchase aligns with its focus on high-growth infrastructure segments while maintaining disciplined capital allocation.  

Tornado reported $105.6 million in net sales for the 12 months ended June 30, according to the release. Toro expects the deal to become marginally accretive to earnings in the first year. 

Other October transactions 

Equipment Finance News previously reported several other equipment industry-related M&A deals during October, including some of the largest deals of the year. 

• First Citizens Bank & Trust agreed to acquire 138 BMO Bank branches as part of its national expansion, with First Citizens paying a net deposit premium of about 5%, according to an Oct. 16 First Citizens release. 

• Terex Corp. and REV Group plan to merge in a $9 billion stock and cash deal to form a diversified specialty equipment manufacturer, with Terex owning 58% of the combined company, according to an Oct. 30 Terex release. 

• Fifth Third Bancorp agreed to acquire Comerica in a $10.9 billion all-stock deal, creating the ninth-largest U.S. bank with about $288 billion in assets, according to an Oct. 6 Fifth Third release. 

Editor’s note: All amounts have been converted to U.S. dollars. 

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