 Harry H. Fair of the bond brokerage house of Pierce, Fair & Company of San Francisco was involved in funding C. L. Best's debt, when Holt shareholders approached him about their company's financial plight. He concluded that both companies might not survive and recommended that the Holt and Best companies should consolidate operations. In April and May 1925, the financially stronger C. L. Best merged with the market leader Holt Caterpillar to form the Caterpillar Tractor Co. Baxter had been removed as CEO earlier in 1925, and Clarence Leo Best assumed the title of CEO, and remained in that role until October 1951. The new company was headquartered in San Leandro until 1930, when under the terms of the merger it was moved to Peoria.
