June M&A: Concord Servicing acquires Orion First

In a month that saw OEMs FAYAT Group, Komatsu and Volvo make large acquisitions, dealers and lenders also got in on the M&A activity. 

Concord enters commercial finance with Orion acquisition 

Loan portfolio servicer Concord Servicing acquired Orion First, a leading provider of third-party portfolio management and analytics for the equipment finance industry, for an undisclosed amount, according to a June 18 release.  

Scottsdale, Ariz.-based Concord’s acquisition of Gig Harbor, Wash.-based Orion marks a significant expansion into commercial finance.  

The deal, Concord’s first since Chicago-based private equity firm GTCR’s investment in December 2024, establishes a GTCR-backed platform managing more than $35 billion in assets across the consumer and commercial markets, according to the release. The acquisition combines Concord’s expertise in consumer credit administration with Orion’s strength in equipment lease servicing, creating a comprehensive, technology-driven credit administration platform.  

The combined company will manage over 5 million accounts, offering end-to-end portfolio management, servicing, business intelligence and delinquency solutions across North America, according to the Concord release. Orion Chief Executive Mark Johnson will join Concord’s senior leadership team, while Orion Chairman Dave Schaefer will transition to an advisory role, supporting further expansion into commercial markets. 

First Financial acquires Westfield for $325M 

First Financial Bancorp has agreed to acquire Westfield Bancorp, the $2.2 billion holding company of Westfield Bank, in a $325 million cash-and-stock deal that expands First Financial’s footprint in Northeast Ohio, according to a June 23 release.  

Under the terms of the deal, First Financial will acquire 100% of Westfield Bancorp’s stock from Ohio Farmers Insurance, Westfield’s parent, with $260 million paid in cash and $65 million in First Financial stock. All Westfield Bank locations will remain open and be rebranded under First Financial after the closing, expected in the fourth quarter. 

The transaction grows First Financial into a $20.6 billion institution and bolsters its commercial, consumer and specialty banking capabilities. It builds on First Financial’s recent expansion into Cleveland, Chicago and Grand Rapids, Mich., while providing Westfield Bank customers with expanded credit capacity. First Financial’s lease financing totaled $573.6 million, up 16.4% year over year, in the first quarter, according to the company’s May 9 10-Q filing with the SEC. 

Canada’s Rush Truck Centres buys Leeds Transit 

Rush Truck Centres of Canada has acquired Leeds Transit, a prominent Canadian bus dealership group serving Ontario, Quebec and the Maritime provinces, for an undisclosed amount, according to June 17 release. Rush is a subsidiary of New Braunfels, Texas-based Rush Enterprises. 

The newly formed Rush Bus Centres of Canada will operate as a stand-alone division, continuing operations at Leeds Transit’s locations in Elgin and Woodstock, Ontario, and Saint-Roch-de-L’Achigan, Quebec, according to the release. The acquisition adds IC Bus and Collins Bus products to Rush’s portfolio and supports its goals to expand its geographic footprint and diversify offerings in Canada.  

All Leeds Transit employees will join Rush Enterprises, North America’s largest commercial vehicle dealership network. 

TranSource expands Volvo CE territory 

TranSource Truck & Equipment, a Volvo Construction Equipment dealer based in Sioux Falls, S.D., has expanded into North Dakota and 19 counties in northwest Minnesota, according to a June 5 release.  

The move follows a June 2 asset purchase in which TranSource acquired the territory, inventory and locations previously managed by Ascendum Machinery. 

TranSource becomes the exclusive Volvo CE dealer for general purpose equipment, compact equipment and rigid haulers in the added region, according to the release. 

TranSource has operated in South Dakota for more than 60 years. The company plans to offer a full range of Volvo products and services while maintaining its focus on customer support and service excellence. 

Tavoron purchases Arkansas Industrial Machinery 

Eagan, Minn.-based automation solutions provider Tavoron acquired Arkansas Industrial Machinery, expanding its sales, service, and rental operations into Arkansas, Tennessee, and Louisiana, according to a June 23 press release. The move strengthens Tavoron’s industrial compressor and fluid handling capabilities across the southern U.S. 

Arkansas Industrial Machinery (AIM), headquartered in North Little Rock, Ark., with branches in Memphis, Tenn. and Bossier City, La., services industrial air compressors, pumps and related equipment, according to the release.  

The acquisition integrates AIM’s service department into Tavoron’s network, enhancing emergency maintenance and rental responsiveness while aligning with Tavoron’s strategy to deliver scalable, high-quality engineering and automation solutions. 

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