PNC Financial Services acquires FirstBank for $4B

Equipment lenders, dealers and rental houses participated in an active mergers and acquisitions market during September. 

PNC acquires FirstBank 

PNC Financial Services announced it would acquire FirstBank Holding Co., the Lakewood, Colo.-based parent of FirstBank, for approximately $4.1 billion, according to a Sept. 8 PNC release. 

FirstBank, which held $26.8 billion in assets as of June 30, operates 95 branches across Colorado and Arizona, according to the release. The acquisition will expand Pittsburgh-based PNC’s network to 120 branches in Colorado and more than 70 in Arizona, making it the top bank in Denver by retail deposit and branch share. 

PNC had an equipment lease financing portfolio of $6.8 billion in the second quarter, up 4.8% year over year, according to the bank’s July 16 earnings supplement.  

PNC plans to retain all FirstBank branches and employees, integrating FirstBank’s community banking model, which includes equipment and fleet loans, into its national platform.  

The agreement includes approximately 13.9 million shares of PNC common stock and $1.2 billion in cash, according to the release. The transaction, approved by both companies’ boards, is expected to close in early 2026 pending regulatory and shareholder approvals. 

Messick adds Reading Tractor and Equipment 

Messick Farm Equipment announced the Sept. 30 acquisition of Reading, Pa.-based Reading Tractor and Equipment, expanding its reach for Kubota products into northern and eastern Pennsylvania, according to an Oct. 1 YouTube video. 

The Reading store, located about 75 minutes from Messick’s Mount Joy, Pa., headquarters, has been operated for the past decade by Lift Inc., which specializes in lift trucks and aerial lifts, according to the video. The acquisition brings new software, services and business approaches tailored to agricultural and construction machinery. 

Messick plans to maintain operations at the Reading facility while seeking a new location in the area for expansion, according to the video. The move reflects its commitment to growing its customer base and strengthening its presence across Pennsylvania, which includes the acquisition of Rovendale Ag and Barn in March. 

Sydenstricker Nobbe Partners expands John Deere dealers to 42 locations 

Columbia, Mo.-based Sydenstricker Nobbe Partners, a century-old John Deere dealership, will assume operation of five former Lindsey Equipment locations in southern New York and northern Pennsylvania, according to a Sept. 3 SNP release. Lindsey Equipment is exiting the market following the decision by John Deere to terminate its contract with the Northeast equipment dealer, resulting in the company reducing its number of locations to two, which sell Kuhn and STIHL products, according to the company’s Facebook page. 

The expansion preserves local access to John Deere equipment, service and support following Lindsey Equipment’s exit from the market, according to the release. SNP will operate former Lindsey dealership locations in Apalachin, Big Flats, Mansfield, Honesdale and Ashley, although no financial terms for the arrangement have been disclosed. 

The move follows SNP’s 2024 acquisition of nine Cazenovia Equipment locations in northern and central New York, creating a contiguous service network across the state, according to the release. With the addition of the new stores, SNP operates 42 locations across Missouri, Illinois, New York and Pennsylvania. 

Tadano sells Rabern Rentals to Sunbelt Rentals 

Tadano America, the Houston-based division of Japanese crane OEM Tadano, sold Rabern Rentals to Sunbelt Rentals to sharpen its focus on lifting and access equipment manufacturing, according to a Sept. 18 Tadano release. 

Amarillo, Texas-based Rabern Rentals, acquired by Tadano through its January purchase of Manitex International, operates four locations in northern Texas, according to the release. All other companies from the Manitex acquisition will remain part of the group. 

The divestiture aligns with Tadano’s goal of being an OEM partner to rental companies rather than a direct competitor, according to the release. The sale allows Sunbelt Rentals to expand its regional presence. 

Latvian rental house Storent enters US market 

Latvia-based AS Storent Holding, one of the largest equipment rental companies in the Baltics, has entered the U.S. market with acquisition of a 70% stake in Tyler, Texas-based Connect Rentals, according to a Sept. 30 Storent release. 

Connect Rentals operates two locations in Texas with a fleet of more than 1,250 units and reported 2024 revenue of $12.3 million and EBITDA of $7.65 million, according to the release. The company plans to open additional branches in the state, while adding Storent’s rental technology stack to Connect’s operating system. 

The acquisition was financed through proceeds from Storent’s April public bond issue and additional funding from First Merchants Bank, according to the release.  

Founded in 2008, Storent operates 34 depots across Latvia, Lithuania, Estonia, Finland, Sweden and the United States, employing more than 275 people. 

Other September M&A transactions 

Equipment Finance News previously reported several other equipment industry-related M&A deals during September, following a slightly slower August. 

• Axos Bank, a subsidiary of Axos Financial, acquired Verdant Commercial Capital for $43.5 million, according to a Sept. 22 Axos release.  

• Software provider Solifi acquired DataScan, a wholesale finance and inventory risk management provider, according to a Sept. 23 Solifi release. 

• Italian OEM Raimondi Cranes agreed to buy Terex’s tower, self-erecting and rough terrain crane divisions, according to a Sept 2. Raimondi release.  

• Opifex-Synergy became the seventh-largest general rental company in the U.S. with the acquisition of Nashville, Tenn.-based Equipment Finders, according to a Sept. 16 Opifex-Synergy release. 

• Green Hills Partners and River City Enterprises launched Green Hills Equipment after acquiring majority stakes in Burke Equipment and Beverage Tractor & Equipment, according to a Sept. 15 Green Hills Partners release.  

• VitalEdge Technologies, a provider of heavy equipment dealer management solutions, acquired rental platform Integrated Rental, according to a Sept. 10 VitalEdge release. 

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