Articles

“There is a lot of new activity in the market that is building a good economy while existing employers like Michoud have fascinating things going on.”

When Gay LeBreton joined Chaffe and Associates in 1987, the New Orleans-based financial advisory and investment banking firm was helping its clients — local banks and savings and loans — work through what, at the time, was the worst financial crisis since the Great Depression. Many local institutions didn’t make it.

Several Louisiana-based companies are growing aggressively through acquisitions. Within the past five weeks, T. Parker Host, Sazerac Company, Maritime Partners and Danos each completed their second or even third acquisition of the year.

We are excited to share our Insurance Underwriters Industry Report, featuring our insights into mergers and acquisitions activity among underwriters in the Life & Health, Managed Care, and Property & Casualty segments. We address overall deal activity, assets and interests being bought/sold, disclosed prices, notable deals, and activity among financial buyers.

In a landmark transaction in July, Baton Rouge-headquartered Lamar Advertising Co. acquired Tempe, AZ-based Verde Outdoor using the first-ever UPREIT deal in the billboard industry. Rather than opting for cash or stock, Verde contributed more than 1,500 billboard faces, including 80 digital displays across 10 states, to Lamar Advertising Limited Partnership (“Lamar LP”) in exchange for common partnership units in Lamar LP.

In what may be the largest auto dealership transaction in Louisiana history, Baton Rouge-based All Star Automotive Group has agreed to sell for a reported $700 million.  The buyer is Charleston, South Caroline-based Hudson Automotive Group.

All Star was founded nearly four decades ago by Matt McKay, along with his former partner, John Noland Sr., whom McKay later bought out. The auto network includes 14 brands across 13 rooftops in Baton Rouge, Denham Springs, and Prairieville. Although terms of the sale were not announced, sources told The Advocate that the deal is valued at approximately $700 million.  This includes an estimated $200 million of owned real estate, $80 million in group brand value, along with additional inventory and tangible assets.

New Orleans-based Crescent Bank has agreed to sell its auto financing division to Arra Finance. The deal, expected to close in the third quarter of 2025, will add Crescent’s $815  million auto loan portfolio, along with its servicing tech, fraud protection tools, and a team of 180 employees to Arra’s rapidly growing operation. Financial terms of the transaction were not disclosed.

Underscoring the critical role of infrastructure supporting the digital age, Eaton Corp., a global intelligent power management company, agreed in March to buy Minden, Louisiana-based Fibrebond Corporation in a transaction valued at $1.4 billion. The deal is expected to close in the third quarter of 2025.

After agreeing to sell to United Rental (URI.N) in January, Baton Rouge-based H&E Equipment Services Inc. (HEES.O) found itself at the center of a high stakes bidding war between two industry giants.

During H&E’s 35-day “go-shop” period following the United Rental bid, Herc Holdings (HRI.N) offered a transaction valued at $5.3 billion, including assumption of about $1.5 billion in debt. This topped United Rental’s $4.8 billion bid.

After agreeing to sell to United Rental (URI.N) in January, Baton Rouge-based H&E Equipment Services, Inc. (HEES.O) found itself at the center of a high stakes bidding war between two industry giants.  During H&E’s 35-day “go-shop” period following the United Rental bid, Herc Holdings (HRI.N) offered a transaction valued at $5.3 billion, including assumption of about $1.5 billion in debt.  This topped United Rental’s $4.8 billion bid. 

M&A activity in Louisiana started 2025 with a bang when Baton Rouge-based H&E Equipment Services agreed on January 13th to sell to United Rentals, Inc. for $3.4 billion.  United Rentals will acquire H&E for $92 per share in cash, plus the assumption of approximately $1.4 billion in net debt, reflecting a total enterprise value of approximately $4.8 billion.

H&E Equipment Services, one of Louisiana’s few publicly traded companies, is a leading provider of general and specialty equipment rentals, serving a diverse mix of customers across construction and industrial markets.  Founded in 1961, the company has approximately 2,900 employees, and $2.9 billion of rental fleet at original cost, with more than 160 branches in 31 states.  In recent years, H&E has concentrated on equipment rental, selling off its crane business in 2021 and its earthmoving distributorships in 2022, and buying smaller equipment companies in the Midwest and West.