Equipment dealer, lender and OEM merger and acquisition activity ended the year strong as companies made moves this month to prepare for the new year.
Premier adds fellow Canadian dealer Hutchinson Farm Supply
Premier Equipment, a multilocation John Deere dealership in southwest Ontario, agreed to acquire Hutchinson Farm Supply, effective Jan. 31, for an undisclosed amount, according to a Dec. 17 Premier Equipment release. Stouffville, Ontario-based Hutchinson Farm Supply marked 60 years in business in 2024.
The acquisition is Premier Equipment’s first since it was established in 2011, according to the release. Over the past decade, the dealer modernized facilities and enhanced services, positioning itself for expansion, Premier chief financial officer Allan Dueck said in the release.
Premier expects to benefit from a larger dealer network, he added. The addition of Hutchinson’s one location will raise Premier’s location count to nine, based on the company’s website.
Bob Armstrong, general manager and owner of Hutchinson since 1986, will retire after the acquisition, he said in the release. Other operations, including staff and facilities, are expected to transition to Premier on Feb. 3, pending final approvals and due diligence.
Harbor Point Equipment Finance launches
Harbor Point Equipment Finance launched as a platform specializing in providing capital to the equipment finance industry across various asset types, according to a Dec. 5 Harbor Point release.
Harbor Point focuses on acquiring equipment lease and loan portfolios from lenders looking to exit certain segments, according to the release. The company also plans to originate, syndicate and service equipment leases and loans, according to the release.
The company is led by industry veterans Gary Silverhardt, president and chief executive, who brings 35 years of experience, and Chief Operating Officer Josh Rothman, who adds more than 20 years of expertise, according to the release. Silverhardt and Rothman combined have acquired and serviced more than $2 billion in portfolios at previous firms, according to the release.
United Community Bank acquires American National Bank
Greenville S.C.-based United Community Bank announced the acquisition of Oakland Park, Fla.-based ANB Holdings, the holding company for American National Bank, in an all-stock transaction valued at $80.5 million, according to a Dec. 3 release by Hovde Group, the adviser for ANB Holdings. United Community Bank offers equipment financing in conjunction with Navitas Credit, according to the bank’s website.
American National is Broward County’s oldest community bank and has been family owned and operated for more 38 years, according to the release. American National Bank primarily services Miami-Dade, Broward, and Palm Beach counties.
The transaction strengthens United Community Bank’s banking and financing presence in the Miami market following its acquisition of First National Bank of South Miami in 2023, according to a Dec. 3 release by United Community Bank. The transaction is expected to be completed in the second quarter of 2025, subject to conditions, including regulatory approval and the approval of ANB’s shareholders.
Shyft Group merges with Aebi Schmidt Group
Novi, Mich.-based The Shyft Group and Switzerland-based Aebi Schmidt Group announced an all-stock merger to create a global specialty vehicles company, with complementary portfolios across North America and Europe, according to a Dec. 16 release from the Shyft Group. The merger forecasts to generate 2024 pro forma revenue of about $2 billion, the release stated.
Shyft shareholders will own 48% of the combined company and Aebi Schmidt owners will claim 52%, according to the release. The combined company, which remains unnamed, will trade on Nasdaq and be headquartered in Switzerland.
The merger positions the company for significant growth in high-margin markets, enhanced customer offerings, and long-term shareholder value, according to the release. The transaction, unanimously approved by both boards, is expected to close by mid-2025, pending regulatory and shareholder approvals.
Jackson Group Peterbilt acquires Peterbilt of Wyoming
Jackson Group Peterbilt, a leading family-owned dealership group that operates 31 locations across eight states, acquired Peterbilt of Wyoming, a third-generation family business founded in 1949, for an undisclosed amount, according to a Dec. 16 release. Jackson Group Peterbilt acquired all four Wyoming truck dealerships of Peterbilt of Wyoming, in Casper, Rock Springs, Cheyenne and Riverton.
Peterbilt of Wyoming will continue offering Peterbilt and Isuzu trucks along with trailers at its locations under the name Jackson Peterbilt Group, according to the release.
Performance Brokerage Services facilitated the transaction, with Pat Albero and Dan Argiro, senior partners of the commercial truck and equipment division, acting as exclusive sell-side advisers.
The third annual Equipment Finance Connect at the JW Marriott Nashville in Nashville, Tenn., on May 14-15, 2025, is the only event that brings together equipment dealers and lenders to share insights, attend discussions on crucial industry topics and network with peers. Learn more about the event and register here.
