Mergers and acquisitions in the heavy-equipment industry comprised lenders, dealers, manufacturers and trade associations this month.
Kubota buys Bloomfield Robotics
Agriculture and construction equipment manufacturer Kubota acquired Pittsburgh-based tech startup Bloomfield Robotics for an undisclosed amount, according to a Sept. 11 release. Bloomfield Robotics uses AI and advanced imaging to track the health and performance of crops.
Bloomfield’s advanced camera and data processing systems allow farmers to assess crops in real time and make more accurate estimates of harvest timing and yield, according to the release.
In 2023, Osaka, Japan-based Kubota launched its agricultural AI system, which uses computers to assess crops and support sprayer adjustments.
EverBank acquires Sterling
EverBank, which offers equipment financing, entered a stock purchase agreement to acquire Sterling Bank & Trust for $261 million, an EverBank spokesperson told Equipment Finance News’ sister publication Bank Automation News. EverBank announced the deal in a Sept. 16 release.
Jacksonville, Fla.-based EverBank will acquire Sterling’s 25 branches in the San Francisco and Los Angeles metropolitan areas, expediting its expansion plans in California. EverBank will also assume $900 million in Sterling loans and $2 billion in deposits.
The deal is subject to approval of Sterling Bank’s shareholders and federal regulators, and is expected to be completed in the first quarter of 2025, the spokesperson said.
NAEDA merges with NEDA
The North American Equipment Dealers Association and the Northeast Equipment Dealers Association voted to merge, NAEDA announced on LinkedIn Sept. 24. The merger is expected to be finalized in October.
The organization will keep the NAEDA name and more than 450 dealers in the Northeast will join NAEDA, expanding its representation to 41 states and nine provinces. Together, the associations represent more than 4,000 heavy-equipment dealers.
Johnson Tractor acquires St. Joseph Equipment locations
Janesville, Wis.-based Johnson Tractor bought two of St. Joseph Equipment’s four locations for an undisclosed amount, Johnson announced on LinkedIn. The acquired locations are in La Crosse, Wis., and Richland Center, Wis.
Johnson Tractor sells farm and construction equipment, including the Kubota, New Holland and Case brands.
Apollo buys Beequip
New York-based asset management firm Apollo bought Dutch equipment leasing and finance company Beequip from NIBC Bank, according to a Sept. 5 release from Apollo.
No terms were offered on the deal, which is expected to close before yearend.
Founded in 2015, Beequip’s portfolio totals 1.4 million euros ($1.6 billion). It has $782.4 million of annual run-rate obligations, according to the release.
Editor’s note: All amounts have been converted to U.S. dollars.
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