Deal Dispatch: Jana Calls For Six Flags Review, Cognex Cor...

New On The Block

Activist investor Toms Capital Management is urging Devon Energy to consider a sale, after becoming one of the company’s five largest shareholders. Toms Capital argues a potential buyer could streamline the portfolio by selling off individual assets, potentially reducing the operational and execution challenges facing existing shareholders.

Electric aviation company Vertical Aerospace (NYSE:EVTL) initiated a review of strategic alternatives, including potential strategic and financial partnerships to advance the next stage of development. The company has retained Jefferies LLC as its financial advisor for the review.

Activist hedge fund Jana Partners is pushing Six Flags Entertainment (NYSE:FUN) to hire an investment bank and consider a potential sale, The Wall Street Journal reported. Jana made the request to the board after expressing disappointment with Six Flags’ second-quarter results. The amusement park operator reported a $202.6 million net loss for the quarter, more than double the $99.6 million loss it recorded a year earlier.

Cognex Corporation (NASDAQ:CGNX) bought RealSense for approximately $550 million upfront plus retention earnouts. The transaction is expected to close in the fourth quarter, subject to customary closing conditions. Prior to closing, RealSense will spin out its Facial Authentication product line into an independent company.

Peakline Partners acquired Kalon Capital, a mid-ticket equipment finance platform that provides financing solutions to businesses across the U.S. With the addition of the Kalon team, which includes CFO Joost van Brakel and Chief Credit and Operating Officer Andrea Zana, Peakline will significantly expand its equipment finance platform. Terms of the transaction were not disclosed.

Ridgeline Roofing & Restoration, a provider of residential and commercial roofing solutions, acquired Advantage Roofing & Exteriors, a roofing and exterior services provider serving Kalamazoo MI and the surrounding Southwest Michigan region. Terms of the transaction were not disclosed.

Mistras Group, Inc. (NYSE:MG) entered into a definitive agreement to be acquired by affiliates of H.I.G. Capital, a global alternative investment firm for approximately $866 million, including outstanding debt.

BlackLine, Inc. (NASDAQ:BL) has acquired NetNow, an AI-enabled B2B customer onboarding and credit risk management solution, to expand BlackLine’s Invoice-to-Cash capabilities and advance its vision for intelligent, trusted financial operations across the Office of the CFO. The deal terms were not disclosed.

Forge, the B2B events and media company, has bought Becker’s Healthcare, a media and events platform serving hospital, health system, and healthcare executives, from Pamlico Capital. The acquisition will include all of Becker’s media and events assets, including its 16 annual conferences, more than a dozen digital publications, and its portfolio of newsletters, podcasts, and executive communities. The deal’s financial terms were not disclosed.

Platinum Equity completed the sale of Urbaser, a global integrated environmental infrastructure platform specialized in the collection, management and treatment of municipal and industrial waste, to Blackstone and EQT in a transaction valued at approximately $6.6 billion.

Veridian Healthcare, a portfolio company of HealthEdge Investment Partners and United Western Group, completed the acquisition of the ScarScience brand and related assets from Mitchell-Vance Laboratories. The acquisition strengthens Veridian’s position in the scar and wound care category by adding a scar care brand with medical-grade silicone technology to its portfolio.

CloudFirst, backed by Renovus Capital Partners, completed the acquisition of Forvis Mazars’ IT and cyber managed services practice. The acquisition advances CloudFirst’s strategy to build a portfolio for organizations that rely on critical IT environments and need a partner that can support them across infrastructure, security, and ongoing operations.

Yardbird has filed for Chapter 11 bankruptcy with roughly $25 million in debt, including $13.3 million owed to Brightwood Capital Advisors, $8.3 million to City National Bank of Florida and $3.1 million to InKind, National Restaurant News reported. The Southern fried chicken chain is pursuing a sale and restructuring, with SH Acquisitions, an affiliate of Brightwood, serving as the stalking horse bidder. Brightwood will also provide $5.4 million in DIP financing to support operations during the bankruptcy.

Brightline, a private passenger railroad in Florida, has filed for Chapter 11 bankruptcy, citing years of declining revenue, Bloomberg reported. The company listed its assets and liabilities between $1 billion and $10 billion.

Real estate brokerage HouseCanary and its five affiliated entities have filed for Chapter 11 bankruptcy. The cases will be jointly administered. The bankruptcy filing follows a lender’s effort to quickly foreclose on one of the companies’ assets, according to a court document. HouseCanary did not identify the lender or specify which asset was targeted. The six companies reported more than $50 million in assets and at least $50 million in liabilities, according to a separate filing.

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