New On The Block
- Safran (PARIS:SAF) has a few assets on the auction block. First, the French aerospace and defense group is considering a divestiture of its aircraft interiors business. The Financial Times expects the deal could fetch €1.5 billion. Separately, the company is seeking a sale of its in-flight entertainment segment.
- Noodles & Company (NASDAQ:NDLS) is officially putting itself on the menu of Wall Street dealmakers. The fast-casual restaurant chain announced that its board has kicked off a "strategic alternatives" review. That’s corporate-speak for refinancing debt or exploring a sale. CEO Joe Christina said the timing makes sense after menu tweaks like "Delicious Duos" helped August same-store sales climb 4.5%. Piper Sandler is helping to stir the pot by advising the process.
Updates From The Block
- According to Bloomberg, Julia Koch and her branch of the famous family are considering a 10% stake in the New York Giants. The valuation hovers at around $10.25 billion. Compare that to the $150 million that the Tisch family paid for their half of the team in 1991.
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Garage Beer, the light-beer brand backed by NFL brothers Travis and Jason Kelce, just pulled off a $200 million valuation. The news, per the Wall Street Journal, comes on the heels of the Kelce-Swift engagement. Durational Capital Management led the funding round. Garage expects to generate $60–70 million in sales this year. The Kelce brothers’ celebrity appeal made the brand a hit with drinkers, even as alternative options weigh on beer giants like Constellation Brands (NYSE:STZ).
- OpenAI has agreed to acquire product development platform Statsig in a $1.1 billion all-stock deal. Statsig CEO Vijaye Raji will join the ChatGPT parent company as technology chief for its applications unit, reporting to Fidji Simo. Statsig had raised over $150 million. Iconiq, Sequoia, and Madrona are among its backers.
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Goldman Sachs (NYSE:GS) plans to invest up to $1 billion in T. Rowe Price (NASDAQ:TROW) for a 3.5% stake. The firms will partner on selling private-market products to retail and wealthy investors. The move reflects the broader industry push into alternatives as traditional firms hunt for new growth.
- EagleTree Capital has agreed to divest Northstar Travel Group, a Rutherford, N.J.-based business-to-business travel media and events company, to Japan's JTB Corp.
- Varonis Systems (NASDAQ:VRNS) has acquired SlashNext, a Pleasanton, Calif.-based email security startup, for $150 million. SlashNext raised about $48 million from investors. Backers include Wing VC, Norwest, Four Rivers Group, Kickstart Ventures, Telefónica Ventures, and Ayala.
- Air Lease (NYSE:AL), founded by aviation mogul Steven Udvar-Házy, has agreed to a $7.4 billion take-private deal. The buy side includes Sumitomo Corporation, SMBC Aviation Capital, Apollo, and Brookfield.
- Aon signs $2.7 billion deal to divest majority of NFP‘s wealth business to Madison Dearborn Partners, Reuters reported.
- GridX, a utility software startup that has raised over $60 million from firms like Energy Impact Partners, acquired Innowatts, a Houston-based digital energy platform that raised over $20 million from Energy Impact Partners and others.
Off The Block
- BlackRock (NYSE:BLK) has wrapped up its acquisition of ElmTree Funds, folding the commercial net-lease specialist into its Private Financing Solutions (PFS) platform. ElmTree founder James Koman will continue leading its investment strategies under the PFS umbrella. A lineup of heavyweight law firms and advisors—Skadden, Fried Frank, Sidley, Goldman Sachs, Berkshire Global, and Kirkland & Ellis—guided the transaction.
- STG closed its buyout of Yodlee, a Raleigh, N.C.-based finance data platform, from the Bain Capital portfolio company Envestnet. Terms were not disclosed.
Bankruptcy Block
- Spirit Airlines is back in bankruptcy court—for the second time in under a year—proving that turbulence isn't just for passengers. The ultra-low-cost carrier says it needs to shrink its fleet and routes, after a failed JetBlue merger, soaring costs, and a quick flip from a projected $252 million profit to a $257 million loss. The airline has maxed out credit lines, unions are bracing for furloughs, and competitors like Frontier are happily swooping into Spirit's markets. Flights are expected to continue.
For the previous edition of Deal Dispatch, click here.
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