Mergers and acquisitions activity for equipment dealers and lenders remained high in November as companies make M&A moves ahead of yearend.
Nextran Truck Centers acquires 5 Midwest locations
Duluth, Ga.-based commercial truck dealer group Nextran Truck Centers announced its acquisition of Quincy Mack, Decatur Mack and H&L Mack for an undisclosed price, according to a Nov. 22 Nextran release. The acquisition expands Nextran’s operations from 26 to 31 locations across the United States.
With the acquisition, Nextran increases its Midwest presence with well-established Mack Trucks dealers in Illinois, Missouri and Iowa. The move enhances the sales, parts, service and rental capabilities of one of the top-selling Mack Trucks dealers worldwide and the 2023 Mack Trucks North American dealer of the year.
Nextran President and CEO Jon Pritchett emphasized the alignment in culture and dedication and expressed enthusiasm for more growth in the release.
The acquisition boosts Nextran’s network to over 530 service bays, nearly 1,400 employees and annual sales of more than 5,500 commercial trucks, according to the release.
Old National Bank merges with Bremer Financial
Evansville, Ind.-based Old National Bancorp announced an agreement to acquire St. Paul, Minn-based Bremer Financial for approximately $1.4 billion, according to a Nov. 25 Old National Bancorp press release. The acquisition will help Old National Bank expand its presence in Minneapolis, St. Paul, Minn., and other Midwest markets.
Bremer, founded in 1943, has $16.2 billion in assets, $11.5 billion in loans and $13.2 billion in deposits. After the acquisition, Old National will be the third-largest bank in the Twin Cities, with a combined asset base exceeding $70 billion, according to the release.
Old National Bank and Bremer Bank originate equipment finance loans with Old National Equipment Finance, financing nearly $1 billion to over 10,000 customers, according to the company’s website. The deal includes 70 banking centers across Minnesota, North Dakota and Wisconsin. The transaction awaits regulatory approval and is expected to close by mid-2025.
Stonepeak adds Fleet Companies to growing national network
New York-based alternative investment firm Stonepeak acquired Memphis, Tenn.-based Fleet Companies, a regional trailer dealership and leasing firm, for an undisclosed price, according to a Nov. 18 Stonepeak release. Stonepeak specializes in infrastructure and real asset investment, while Fleet operates in key transportation hubs, including Nashville, Tenn., and Dallas, offering dealership, leasing, maintenance and drop yard services.
The acquisition, which has closed, serves as the foundation for Stonepeak’s plan to develop a national trailer platform through additional acquisitions and new operations, James Wyper, senior managing director and global head of transportation and logistics at Stonepeak, said in the release.
Stonepeak sees trailer leasing as a resilient and essential sector with strong growth potential, aligning with its broader transportation investment strategy, which includes ventures like marine chassis lessor TRAC Intermodal and container lessor Textainer, according to the release.
Fleet’s leadership expressed excitement about partnering with Stonepeak, emphasizing expanded operation plans, enhanced customer service and growing their fleet, according to the release. Stonepeak’s global expertise and financial support are expected to position Fleet as a leader in the trailer leasing industry.
North Mill Equipment Finance acquires Taycor Financial
Norwalk, Conn.-based North Mill Equipment Finance acquired Taycor Financial, a technology-driven finance provider based in El Segundo, Calif., following a 100% stock acquisition of Taycor Financial parent TF Group, according to a Nov. 8 North Mill release. North Mill did not disclose the value of the Taycor Financial stock.
Taycor will operate independently under North Mill, focusing on vendor and direct origination programs, according to the release. The companies have had a partnership for four years, and with the acquisition, according to the release.
North Mill specializes in financing small to mid-ticket commercial equipment leases and loans across various industries, according to the release.
Ewald Kubota partners with Lansdowne-Moody
Seguin, Texas-based Ewald Kubota announced a partnership with Conroe, Texas-based Lansdowne-Moody, a nine-store Kubota dealership serving the Houston area, according to a Nov. 8 release. Neither dealer group provided a valuation for the partnership.
The deal is set to close in December, according to the release. The collaboration, supported by Blue Water Advisors, will result in a combined 20 Kubota dealer locations in Houston and central Texas, John Ewald, owner of Ewald Kubota, said in the company’s Nov. 8 release.
“We are not selling our business or changing our management team. However, we will be adding additional staff in our administration and accounting departments,” he said. “We will also be expanding our company footprint to serve not only Central Texas but the greater Houston metro area as well”
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.
