New On The Block

Lulu's Fashion Lounge Holdings (LVLU) has hired Solomon Partners as its financial advisor and Willkie Farr & Gallagher LLP as its legal advisor. The company is evaluating strategic alternatives to maximize shareholder value. Those alternatives could include a potential transaction or just continuing to execute its standalone plan. Basically, Lulu's is testing the waters to see if anyone wants to buy it — or if it's better off going it alone.

Randian Capital, a retail activist investment firm and a shareholder of Loandepot Inc. (LDI), published an open letter to the board calling for a review of strategic alternatives — including a potential sale. The letter urges the board to maximize shareholder value. It's a familiar playbook: activist pushes for a sale, hoping to unlock value that the market isn't seeing.

• Uber Technologies stock is under selling pressure. Why is UBER retreating? (More on Uber below.)

Updates From The Block

Uber Technologies, Inc. (UBER) agreed to acquire German food-delivery company Delivery Hero in a $14.8 billion cash transaction. That's a big check for Uber, but it's not the whole story. Delivery Hero also struck a separate deal with New York investment firm SSW Partners to sell its businesses in 14 markets — mostly where its operations overlap with Uber Eats — for about $1.6 billion. That sale is contingent on Uber's takeover closing and other customary conditions. So Uber gets Delivery Hero, but then immediately sheds the overlapping bits to SSW. Clean and efficient.

Eli Lilly And Co (LLY) entered into an agreement to buy AtaiBeckley Inc. (ATAI), a clinical-stage biopharmaceutical company, for about $3.8 billion. The deal is expected to close in the third quarter, subject to stockholder approval and customary conditions. Eli Lilly is clearly on the hunt for pipeline additions, and AtaiBeckley brings some promising clinical-stage assets.

Wynnchurch Capital, a middle-market private equity firm, agreed to sell FWI Holdings to Ferguson Enterprises (FERG) in a cash deal worth about $1.6 billion. Ferguson, a distributor of plumbing and HVAC products, is adding to its portfolio.

AE Industrial Partners, a private investment firm, acquired Powder Alloy Corporation, a producer of highly engineered metallic, ceramic and thermal spray powders. Financial terms weren't disclosed, but it's a bolt-on for AE's aerospace and defense focus.

First Hawaiian Inc (FHB) will acquire TriCo Bancshares in an all-stock transaction valued at $2.01 billion. The deal is expected to close by the end of 2026, subject to regulatory approvals. Two regional banks combining — a familiar theme in the current banking landscape.

Veritas Capital entered into a definitive agreement to acquire BGIS from CCMP Capital Advisors and Alberta Investment Management Corporation. Financial terms weren't disclosed. Veritas will partner with CEO Gord Hicks and the BGIS management team, who will continue to lead the company. The transaction is expected to close in the fourth quarter of 2026.

Big Brand Tire & Service is acquiring Belle Tire, a Midwest tire and automotive service provider. The acquisition pushes Big Brand past $1.5 billion in revenue. The companies say they'll build on a shared commitment to customer service and employee satisfaction. The deal is expected to close in Q3 2026.

Off The Block

Jasper Therapeutics Inc. (JSPR) closed its all-stock acquisition of Kira Pharmaceuticals and expects to raise about $132 million in gross proceeds through a concurrent private placement. That capital should fund the combined company's pipeline into the second half of 2028. Deal done, and now the work begins.

Construction Partners, Inc. (ROAD) completed its acquisition of Ellsworth Construction, an asphalt manufacturing and construction business based in Tulsa, Oklahoma. Financial terms weren't disclosed. Another infrastructure-related bolt-on.

Bankruptcy Block

Arizona-based Hardee's franchise Superior Star LLC filed for Chapter 11 bankruptcy, citing "unforeseen expenses" related to a 2023 acquisition. The company estimates it has between 1,000 and 5,000 creditors, with assets and liabilities each between $10 million and $50 million. A reminder that even fast-food franchises can get indigestion from a deal.

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