Welcome back to Deal Dispatch, your weekly roundup of who's buying, who's selling, and who's going under. This week we've got a biotech company mulling a sale, a couple of big-ticket acquisitions, and a fast-food franchisee that's calling it quits. Let's dive in.

New On The Block

First up, Jasper Therapeutics (JSPR), a clinical-stage biotech company, announced it's reviewing strategic alternatives — which is Wall Street speak for "we're open to being bought." The company is considering a sale, merger, or other options to maximize shareholder value. It's also looking at cost-cutting measures to preserve cash and stay compliant with regulatory requirements. No word yet on who might be interested, but the process is underway.

Next, Dot AI (DAIC), an IoT and AI-based SaaS company, is exploring a potential sale. It has hired Cohen & Company Capital Markets (a division of J.V.B. Financial Group) as its exclusive financial advisor to evaluate options. No timeline has been set, so this one could take a while.

Finally, America's Car-Mart Inc. (CRMT), a used-vehicle retailer, has set up a committee and brought in Houlihan Lokey to oversee its M&A options. The company could also consider financing, recapitalization, or other transactions. In other words, they're keeping their options open.

Updates From The Block

Private equity firm New Mountain Capital has bought residential property management firm Asset Living from Roark Capital in a deal valued at more than $2 billion, according to Reuters. Asset Living's CEO Ryan McGrath will stay on, so it's business as usual for the company.

Energy Impact Partners LP announced that its utility-focused infrastructure services platform, Guardian Infrastructure Services, has acquired E2 Consulting Engineers, a provider of engineering and technical consulting services to electric and gas utilities across North America. Terms weren't disclosed, but it's a strategic bolt-on for Guardian.

In a big tech deal, Salesforce (CRM) has acquired digital experience platform Contentful for an undisclosed amount. Contentful's CEO Karthik Rau said, "Joining forces with Salesforce accelerates our mission of enabling modern enterprises to dynamically assemble and deliver rich digital experiences across every channel." The deal is expected to close in the third quarter of Salesforce's fiscal year 2027, subject to regulatory approvals.

Decks & Docks Company, a specialty distributor of composite decking and outdoor living products, has acquired J&W Lumber, a provider of outdoor building materials in Southern California. J&W owner Clyde Jennings will continue leading the company, and the brand name stays. Terms were not disclosed.

Wellington Management is buying The Hartford Funds for approximately $1.9 billion. Under the agreement, The Hartford will receive $300 million in cash at closing, plus additional payments based on the after-tax cash generated by the combined business. The deal is expected to close in the first quarter of 2027, subject to regulatory and fund approvals.

Thoma Bravo has entered into a definitive agreement to acquire WWEX Group, a third-party logistics provider with brands including Worldwide Express, GlobalTranz, Unishippers, JEAR Logistics, and BLX Logistics. After the deal closes, Thoma Bravo will combine WWEX Group with its existing portfolio company Auctane. The transaction is expected to close in the second quarter of 2026.

Arxis, Inc. (ARXS), an industrial compounder formed with Arcline Investment Management, has agreed to acquire Omnetics Connector Corporation, a designer and manufacturer of connectors used in defense, space, aerospace, and medical applications. The deal is expected to close in the third quarter of 2026. Separately, investment firm Brand Velocity Group has acquired RCX Sports, a youth sports platform, from Raine Partners. RCX will continue operating under its existing brand, with founder and CEO Izell Reese and the management team staying on. BVG said it will support RCX in "furthering strategic and commercial partnerships, athlete and professional league connectivity, and robust operational resources."

Off The Block

Robinhood Markets (HOOD) has completed its $180 million acquisition of Canadian digital asset services firm WonderFi. WonderFi operates two of Canada's longest-standing regulated crypto platforms, Bitbuy and Coinsquare, which will now become part of the Robinhood brand. The deal was first announced in May 2025, but the deadline was extended to give Robinhood time to implement its proprietary technology in Canada. Now it's done.

Bankruptcy Block

Louisville, Kentucky-based coffee and cookie company Please & Thank You filed for Chapter 11 bankruptcy, citing rising supply and labor costs, as well as issues with its accounting firm. It's a tough environment for small food businesses.

Long John Silver's restaurant franchisee Uplifted Foods LLC filed for Chapter 7 bankruptcy liquidation. The company listed assets of $100,000 and liabilities between $100,000 and $1 million. It owed more than $157,000 to creditors, including $111,000 to the owners of the Mall of America, according to the Business Journal. That's a lot of fish sandwiches.

That's it for this week's Deal Dispatch. Stay tuned for more M&A action next week.