Deal Dispatch: Fertitta Snaps Up Caesars, Arsenal Buys Velcro, and a Surgical Center Files for Bankruptcy
MarketDash
From tungsten mines to trucking companies, the M&A world is buzzing with activity. Here's your weekly roundup of who's buying, who's selling, and who's restructuring.
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New On The Block
Several companies have announced they're exploring strategic alternatives — which is Wall Street-speak for "we might sell ourselves, spin something off, or find a partner." Here's who's shopping around:
- Largo Inc. (LGO) is evaluating strategic alternatives for its 100%-owned tungsten assets. The company is considering joint ventures, asset-level financing, minority investments, or a full sale or spin-out. The goal is to unlock value for shareholders while keeping Largo focused on its core vanadium and ilmenite operations in Brazil.
- Monro, Inc. (MNRO), the auto repair and tire services chain, is working with financial and legal advisors to review strategic alternatives. Options include asset sales, refinancing, or selling the whole company.
- Fortune Brands Innovations, Inc. (FBIN), the home, security, and digital products company, has launched a formal strategic review of its Fiberon composite decking business. The company said it will "explore a range of strategic alternatives while Fiberon continues to execute against its near-term commercial priorities and support and service customers."
- CollPlant Biotechnologies (CLGN) is starting discussions with "several leading strategic players" to explore potential collaborations, primarily in medical aesthetics. CEO Yehiel Tal said the talks focus on "the potential joint development and commercialization of next-generation dermal filler product candidates incorporating CollPlant's rhCollagen technology in combination with hyaluronic acid and additional components." He added, "We are actively advancing these discussions and, while no assurance can be provided, remain encouraged by the level of interest and the progress achieved to date."
Updates From The Block
These deals have moved from rumor to reality. Here's what's happening:
- Fertitta Entertainment is buying Caesars Entertainment (CZR) in an all-cash deal valued at about $17.6 billion, which includes roughly $11.9 billion of assumed debt. Caesars shareholders will receive $31 per share. Fertitta is financing the deal with a mix of equity, assumed debt, and new debt financing arranged by a group of 10 banks. Shareholders must still approve the transaction. The Carano family, which owns about 5% of Caesars, will roll part of their stake into the new company. Once completed, Caesars' shares will be delisted from NASDAQ. The deal includes a "go-shop" period through July 11, allowing Caesars to seek and evaluate alternative offers.
- DigitalBridge (DBRG) has agreed to acquire energy and infrastructure private equity firm ArcLight Capital Partners for $1.05 billion, including $650 million upfront. The deal is contingent on Softbank completing its acquisition of DigitalBridge. The combined valuation of the two companies would exceed $150 billion. ArcLight will operate as a separately managed business within the DigitalBridge platform.
- Middle-market private equity firm Arsenal Capital Partners has bought a majority stake in Velcro Companies from the Cripps Foundation. Upon closing, Cripps Foundation will continue as a significant minority shareholder. The terms of the transaction, expected to close in the fourth quarter of 2026, are subject to customary regulatory approvals.
- Autodesk (ADSK), the engineering software maker, acquired MaintainX, a maintenance tools company, in an all-cash deal valued at approximately $3.6 billion. The transaction is subject to regulatory reviews and other customary closing conditions and is expected to close later this fiscal year.
- Global-e Online (GLBE) acquired Passport, a cross-border logistics firm, for $350 million. The acquisition is expected to "strengthen Global-e's value proposition by increasing control over critical logistics workflows, including fulfillment, delivery, and returns," the company said. Following the closing, Passport's founder and CEO, Alex Yancher, is expected to join the Global-e executive management team to lead the integrated Passport business. The transaction is expected to close in early July 2026, subject to regulatory approvals.
- Nano Dimension Ltd. (NNDM) has entered into a definitive agreement to sell MarkForged, Inc., a wholly owned subsidiary, to Stratasys Ltd. (SSYS) in an all-cash transaction valued at $42.5 million. The transaction is expected to reduce annualized cash burn by approximately $15 million through a combination of direct and indirect operating cost savings, including certain costs not solely attributable to MarkForged. The transaction is expected to close in the second half of 2026, subject to regulatory approvals.
- Heartland Food Products Group, owner and manufacturer of the Splenda Brand, SlimFast, and Java House, is acquiring the Americas business of Whole Earth Brands, Inc., including the Equal, Whole Earth, Swerve, and Chuker sweetener brands across North America and Latin America. Financial terms of the transaction were not disclosed. The acquisition further strengthens Heartland's position as the global leader in sugar reduction, low- and no-calorie sweeteners, and better-for-you food and beverage solutions, the company wrote in a press release.
- Richmond Mutual Bancorporation, Inc. (RMBI) and The Farmers Bancorp, Frankfort, Indiana, jointly announced that they each received the necessary shareholder approval to consummate their planned merger. The transaction is expected to close towards the end of the second quarter of 2026, subject to customary closing conditions.
- Fortress Investment Group has bought IPValue Management Group, an intellectual property licensing company. IPValue will continue to operate independently under its existing senior leadership team. "With the support of the new ownership group, the company will have enhanced access to capital, allowing IPValue to pursue a broader range of opportunities as well as to offer more options to its partners as they seek to strategically maximize the value of their IP portfolios," the company said. Terms of the deal were not disclosed.
- Align Capital Partners has acquired Heritage Imaging, a provider of mobile diagnostic imaging services to hospitals and healthcare facilities. Heritage is led by CEO Steve Coppess, who will continue to lead the Company post-transaction alongside the current management team. Terms of the deal were not disclosed.
Off The Block
These deals have officially closed. The ink is dry:
- Cabinet manufacturer MasterBrand completed its $3.6 billion all-stock acquisition of American Woodmark, which is now a wholly-owned subsidiary and will operate under the MasterBrand name. The companies previously announced the deal in August 2025. American Woodmark CEO Scott Culbreth departed the company following the completion of the transaction. The merger is expected to produce approximately $90 million in annual savings by the third year after the transaction is closed.
- Mission Produce (AVO) has completed its acquisition of Calavo Growers. The addition of Calavo further strengthens Mission's vertically integrated global network, enhancing sourcing and packing capabilities, improving asset utilization across the network, broadening its reach across complementary fresh produce categories, and accelerating its entry into the high-margin, high-growth prepared foods segment. Calavo is now a wholly owned subsidiary of Mission. B. John Lindeman, former President and CEO of Calavo, will continue to lead the Calavo business during a transition period and will report to CEO John Pawlowski.
- Middle-market private equity firm Kinderhook Industries has completed its acquisition of national home health and hospice provider Enhabit. The deal was valued at approximately $1.1 billion. Enhabit is now a privately held entity and has ceased trading on the New York Stock Exchange.
Bankruptcy Block
Not all stories have happy endings. Here are the companies that filed for bankruptcy this week:
- Teaneck Surgical Center filed for Chapter 11 bankruptcy. The petition showed assets in the range of $100 thousand to $1 million, with liabilities in the same range. The surgical center reports that the number of creditors is in the range of 50-99. The company's website says, "Teaneck Surgical Center is closed for reorganization."
- Dukay Trucking filed for Chapter 7 bankruptcy in the Northern District of Illinois. The petition shows assets in the range of $0 to $100 million, with liabilities ranging from $100 thousand to $1 million. The logistics company reports that the number of creditors is in the range of one to 49.
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