OceanFirst Financial, Flushing Financial merger leads December M&A

Several smaller equipment dealers, lenders and OEMs were active in M&As in December, as companies looked to grow operations ahead of the new year. 

OceanFirst Financial and Flushing Financial agreed to acquire in an all-stock transaction valued at $579 million, creating a regional bank with about $23 billion in assets and a strong footprint across New Jersey, Long Island and New York, according to a Dec. 29 OceanFirst release. The lenders based the deal on OceanFirst’s Dec. 26 closing price of $19.76 per share and expect it to close in the second quarter, pending regulatory and shareholder approvals. 

The acquisition expands OceanFirst’s presence in deposit-rich New York markets, including Suffolk, Nassau, Queens, Brooklyn and Manhattan, according to the release. The combined OceanFirst expects to have about $17 billion in loans, $18 billion in deposits and 71 branches, while retaining key staff.  

OceanFirst also announced a fully committed $225 million strategic equity investment from Warburg Pincus, which will own about 12% of the combined company. OceanFirst shareholders will retain about 58% following the merger and the equity investment. 

Armada Credit Group acquires Chain Bridge Capital 

Armada Credit Group has acquired Chain Bridge Capital Group, a Portsmouth, N.H.-based firm, strengthening Armada’s presence in specialty finance and capital markets across North America, according to a Dec. 23 Armada release. Terms of the transaction were not disclosed. 

As part of the deal, Chain Bridge Managing Director Bob Rose will join Armada as senior vice president of its transportation division, according to the release. He will focus on strategic growth initiatives, client relationships and operational performance. 

The acquisition expands Mississauga, Ontario-based Armada’s capabilities and reinforces its strategy of relationship-driven growth and broader credit solutions for middle-market and specialty finance clients, according to the release.  

Armada also acquired assets and personnel from Axis Equipment Finance in 2024. 

Vander Haag’s adds 2nd Texas dealership with Texas Trucks Direct acquisition 

Vander Haag’s has expanded its presence in Texas with the acquisition of Stephenville-based Texas Trucks Direct, according to a Dec. 1 Vander Haag’s release. The acquisition, which did disclose terms of the acquisition, marks Spencer, Iowa-based Vander Haag’s second location in the state. 

The Stephenville facility, established in 1982, includes a 6,400-square-foot full-service parts and repair center serving the heavy-duty truck market. The move strengthens used truck, trailer and parts dealer Vander Haag’s service capabilities, expands parts availability and enhances customer support across the region.  

Vander Haag’s network expands to 12 locations, according to the release. The dealer plans to retain Texas Trucks Direct’s employees, technicians, parts inventory and customer relationships. 

Stellar acquires Elliott Equipment 

Stellar Industries agreed to acquire Elliott Equipment, expanding its product lineup and market reach in lifting and work-at-height equipment, according to a Dec. 1 Stellar release. The transaction is expected to close in the first quarter, although terms have not been disclosed. 

Omaha, Neb.-based Elliott manufactures truck-mounted aerial work platforms, digger derricks and cranes serving the utility, municipal, construction and sign-and-lighting markets, according to the release. Following the acquisition, Elliott will operate as a unit of Stellar, retaining its employees, facilities, brand and dealer relationships, with President Jim Glazer continuing to lead the company. 

The acquisition supports Stellar’s long-term growth by broadening its capabilities and strengthening its presence across core vocational markets. Garner, Iowa-based Stellar is a 100% employee-owned manufacturer of work trucks, trailers, and service truck and van accessories. 

Enterprise Mobility expands into Class 7 and 8 trucks 

Enterprise Mobility completed its acquisition of Hogan, expanding its commercial transportation and mobility portfolio into Class 7 and Class 8 heavy-duty trucks, in addition to its pre-existing vehicle rental, retail and fleet management services, the company announced Dec. 8. Financial terms of the transaction were not disclosed. 

The deal combines two St. Louis-founded, family-owned companies and significantly broadens Enterprise Mobility’s commercial offerings. Hogan employs about 3,000 people, manages more than 10,000 pieces of equipment and operates at more than 50 locations nationwide, with services including full-service truck leasing, truck rental, dedicated transportation and customized logistics solutions. 

The acquisition adds refrigerated trucks and trailers, flatbeds, automotive haulers and livestock trailers to Enterprise’s fleet, according to the release.  

Hogan will continue to operate separately, with a focus on business continuity, customer service and long-term growth. 

Additional December transactions 

Other equipment industry transactions include: 

• OEM Astec Industries added asphalt plant OEM CWMF; 

• Derek Stimson Holding acquired Alberta-based CLAAS dealer Alberta Ag Center; 

• Premier Equipment acquired fellow New Holland dealer Winston Tractor; 

• Rocky Mountain Equipment acquired Alberta-based New Holland dealer Agri-Centre; and 

• John Deere acquired construction technology firm Tenna. 

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