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.
For Crescent Bank, the move marks an exit from the highly competitive indirect auto lending space in which it has operated since 1991. That line of business has produced $5.3 billion in nationwide auto loans for the bank over that period, and currently accounts for 86.8% of its loan portfolio. The auto loan portfolio is 77% of the bank’s total assets as of March 31, 2025.
By divesting its auto finance unit, Crescent will now refocus its resources.
“This transaction allows Crescent Bank to focus our resources on our traditional community banking business,” said Crescent Chairman Gary Solomon in the June announcement.
For Arra Finance, the transaction marks a significant expansion of the Irving, Texas-based company’s subprime lending platform. CEO Kenn Wardle described the acquisition as a “rapid advance” in Arra’s mission to become a go-to financing partner for independent and franchise auto dealers nationwide, quadrupling its origination capacity and speeding up credit decisions to near-instant approvals.
The deal follows Arra’s rebranding last year (formerly Solera Auto Finance) and comes with strong backing from private equity sponsor Obra Capital, as Arra aims to solidify its position in a growing but increasingly tech-driven subprime market.
Loadstar broadens marine services with Atlas Marine acquisition
Another deal announced in June, this one between two Louisiana companies, will see Baton Rouge–based Loadstar Product Handling Services acquire Atlas Marine Services of Houma, effective July 1, 2025. The transaction expands Loadstar’s tanker man workforce and service capacity while bringing Atlas founders John Breaux and Michael Meche into leadership roles within Loadstar.
“We are very excited to welcome John, Mike and the Atlas team to Loadstar,” said Loadstar Founder and CEO Brian Haymon. “This is another step in our effort to build Loadstar into the premier service provider in the industry.”
The acquisition strengthens Loadstar’s reputation for safety, compliance, and customer service while giving Atlas customers access to an expanded portfolio of resources and tools.
Maritime Partners acquires Seattle-based Centerline Logistics
In another significant maritime move, Metairie-based Maritime Partners, through an entity controlled by one of its managed funds, reached an agreement in June to acquire Seattle’s Centerline Logistics from its principal investors, Macquarie Capital and Silverbox Capital. The company was formerly known as Harley Marine Services but rebranded as Centerline Logistics following an ownership change in July 2019.
This transaction, expected to close in the third quarter of this year, will add Centerline’s extensive bunkering, towing, and terminal services to Maritime Partners’ growing fleet, expanding its operational footprint along the West, East, and Gulf Coasts as well as in Alaska, Hawaii, and Puerto Rico. Maritime Partners Co-founder and CEO, Bick Brooks, called Centerline’s long-standing customer relationships and experienced team “the sort of demonstrated track record that is essential for a long-term partnership.”
The deal underscores Maritime Partners’ strategy to diversify its portfolio by asset type, counterparties, and geography, while deepening its position in the domestic maritime sector at a time of rising demand for Jones Act–compliant operators. Maritime Partners is already one of the largest providers of maritime financing solutions for vessels in the U.S. Jones Act trade, managing a fleet of approximately 1,800 vessels used to transport commodities such as agricultural products, chemicals, aggregates, crude oil, and refined petroleum products.
G.F. Gay Le Breton is managing director for Chaffe & Associates Inc., responsible for the corporate finance activities of the firm. Mitch Murray is a corporate finance analyst with the firm. Investment banking services are provided by Chaffe Securities Inc., member FINRA/SIPC. For more information, visit http://chaffe-associates.com.
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