New On The Block

  • TA Associates is reportedly selling bubble-tea maker Gong Cha. The private equity firm is reportedly working with JPMorgan Chase to explore a potential deal. The transaction could value the bubble-tea chain at around $2 billion. Talks are still in the early stages, and no decisions have been made yet.
  • Ashford Hospitality Trust (AHT) is exploring strategic alternatives, including a potential transaction, amid ongoing financial headwinds. The company has recently sold six hotels for $145 million and reached agreements to sell an additional three properties for approximately $194 million, reducing AHT's capital expenditure commitments by $95 million. The company is currently in default on a $325 million mortgage loan.
  • FMC Corporation (NYSE:FMC) is implementing a two-pronged strategy focused on reducing leverage and exploring strategic alternatives, with the goal of cutting $1 billion from its debt. The company plans to sell its India business and is relocating manufacturing operations to lower-cost regions to boost competitiveness. By targeting a 35% reduction in manufacturing costs, FMC aims to achieve break-even cash flow by year-end.

Updates From The Block

  • Big news is brewing at Blue Bottle Coffee, the specialty coffee roaster and retailer owned by Nestlé SA. Centurium Capital Management, a private equity firm known for its role in the turnaround of China's Luckin Coffee Inc., is in the final stages of negotiating a deal.
  • Six Flags Entertainment (NYSE:FUN) has reached an agreement with EPR Properties (NYSE:EPR) to sell seven of its regional amusement parks for $331 million in cash, the Wall Street Journal reported. The sale is intended to streamline the company’s portfolio and improve Six Flags’ financial position.
  • Stay positive. Netflix (NASDAQ:NFLX) has acquired actor Ben Affleck‘s company InterPositive, a startup that’s developing AI tools for filmmakers. Interpostive’s team will join Netflix as part of the acquisition. Financial terms were not disclosed.
  • Private equity firm Trive Capital has made a strategic investment in women's special occasion apparel company Adrianna Papell. The current management team will remain in place to drive the company's strategic growth initiatives. 
  • Thoma Bravo has reached an agreement to acquire third-party logistics provider WWEX Group from CVC Capital Partners, Providence Equity Partners, Ridgemont Equity Partners, and PSG. Upon completion of the transaction, Thoma Bravo plans to combine WWEX Group with its existing portfolio company, Auctane. The deal is expected to close in the second quarter of 2026, pending regulatory approvals.
  • Cleco Power is drawing interest from Stonepeak Partners and Bernhard Capital Partners, as they consider purchasing the energy company from Macquarie Group, Bloomberg reports. The deal would value Cleco at more than $5 billion. Negotiations are ongoing.
  • Strategy-driven private investment firm The Watermill Group announced the sale of Cooper Turner Beck to Waterland Private Equity, a European private equity firm specializing in scaling industrial businesses. The terms of the deal were not disclosed.
  • New State Capital Partners has acquired co-working platform Vast Coworking Group as a carve-out from the United Franchise Group. Terms of the transaction remain undisclosed. Co-founder Jason Anderson will continue to serve as CEO.
  • Credit administration, servicing and software company Concord will merge with Finley Technologies, a credit facility management software solutions firm. The acquisition adds Finley's Credit Management System to Concord's capital markets administration offering. Financial terms were not disclosed.

Off The Block

  • Lone Star Funds has finalized the sale of SPX Flow, a leading provider of engineering equipment and process technologies serving industries such as manufacturing, healthcare, and nutrition, to ITT Inc. The transaction, valued at $4.7 billion in cash and shares of ITT common stock, marks a significant milestone for both companies.
  • First Mid Bancshares has completed its $1.2 billion acquisition of Two Rivers Financial Group. As of Dec. 31, 2025, Two Rivers reported approximately $1.2 billion in assets, $883 million in loans, $1 billion in deposits, and more than $1.2 billion in trust and wealth assets under management. With the transaction finalized, First Mid now holds approximately $9.1 billion in total assets.
  • Flowco Holdings (NYSE:FLOC), an oil and natural gas equipment services company, has completed its acquisition of Valiant Artificial Lift Solutions for approximately $200 million. The transaction consisted of $170 million in net cash and 1.5 million shares of Flowco Class A stock. Following the acquisition, Valiant now operates as a wholly owned subsidiary of Flowco.
  • Bernhard Capital Partners has finalized the sale of United Utility Services to Sandbrook Capital, in partnership with Blackstone Credit & Insurance. The deal, valued at approximately $1 billion, aims to expand United Utility Services' role in the U.S. electric grid infrastructure sector.
  • MacLean Power Systems and Power Grid Components (PGC) have merged and will operate as a single entity under the MacLean name. Steve Scharnhorst, the current CEO of MacLean Power Systems, will lead the combined company. Mike Plaster, formerly CEO of PGC, will assume the role of president of McLean. 
  • The search is over. Searchlight Capital completed its sale of insurance provider Euclid Transactional to CRC Group for an undisclosed price. Euclid Transactional will be part of the CRC Underwriting division and will create opportunities for collaboration and value across the speciality insurance marketplace.

Bankruptcy Block

  • Eddie Bauer canceled its March 6 bankruptcy auction for its 174 physical stores after failing to receive any bids for the retail operations by the deadline, Reuters reported this morning. The outdoor retailer filed for bankruptcy last month and was seeking a buyer for its brick-and-mortar stores. Eddie Bauer remains open to offers from interested buyers and will continue holding store-closing sales at its locations.
  • It’s a race against time for Hawthorne Race Course. The Chicago-based race track has filed for Chapter 11 bankruptcy, citing a "cascading series of financial setbacks," including frozen bank accounts, unpaid bills, and a suspension of harness racing. The company lists liabilities between $100 million and $500 million, with assets ranging from $50 million to $100 million. Major creditors include Fanatics ($8.75 million), Monarch Content Management ($7.4 million), and Aria Group Architects ($5.6 million). Hawthorne plans to continue operations while seeking a new buyer or investor to complete its combined track and casino project.
  • Lurin Real Estate Holdings XXI has filed for Chapter 11 bankruptcy amid lawsuits from residents alleging property neglect. The company reports assets and liabilities each in the range of $50 million to $100 million. Lurin owns 46 properties and 10,000 residential units across five states: Florida, Louisiana, Texas, Arkansas, and Alabama.
  • That was fast. Nine Energy Service, an onshore completion solutions provider, received court approval for its prepackaged Chapter 11 plan on March 4. The company filed for bankruptcy protection in the Southern District of Texas on Feb. 1, 2026, seeking to address a heavy debt load largely tied to its 2018 acquisition of Magnum Oil Tools. A judge approved a restructuring plan that eliminates about $320 million of 13% senior secured notes due 2028 and reduces annual cash interest expenses by roughly $40 million.
  • Cumulus Media, an audio entertainment company that operates 394 radio stations along with a radio syndication division and a podcast network, has filed for bankruptcy protection in Texas, Reuters reported. The filing includes a restructuring plan aimed at wiping out the majority of the company's $697 million debt.

For the previous edition of Deal Dispatch, click here.

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