Deal Dispatch: Egg Maker Vital Farms Considers Sale, Blackstone Buys Flow Control, Kennedy Center Troubles

New On The Block

• Vista Equity Partners is considering selling financial software provider Finastra. Morgan Stanley is handling the process. According to Reuters, Vista may also sell a stake in the company or acquire another company in the sector.

• WhiteHorse Finance Inc. (NASDAQ:WHF) is exploring strategic alternatives, including a sale or other corporate transaction, following pressure from troubled loans and a declining net asset value.

• Vital Farms, the largest producer of pasture-raised eggs, is considering a take-private deal, Axios reported. The company’s market value has dropped more than 80%, falling from roughly $2.3 billion to about $430 million.

• National Fuel Gas is considering strategic alternatives for its natural gas production business, which Reuters reported could be valued at about $5 billion. Options reportedly include selling all or part of the unit, merging it with another public producer or spinning it off, following an unsolicited approach earlier this year. The business, which includes Seneca Resources and related pipeline assets, generates about 69% of National Fuel’s adjusted EBITDA, while a sale could give the company more capital to expand its regulated utility operations.

Updates From The Block

• U.S. insurance company The Baldwin Group (NASDAQ:BWIN) has agreed to go private in an all-cash deal worth roughly $7.7 billion, backed by Sequence Holdings and DFO Management.The transaction is expected to close in the first quarter of 2027, subject to regulatory approval. After completion, The Baldwin Group will be delisted from the Nasdaq.

• Crane Company (NYSE:CR), has bought Trillium Flow Technologies, a provider of highly engineered pump technologies, for approximately $240 million. The transaction is expected to close in the fourth quarter and will be subject to customary closing conditions, including applicable regulatory approvals.

• Arthur J. Gallagher & Co. has bought Colorado-based McMillan Insurance & Bonding Inc., dba Innovise Business Consultants. The Innovise Business Consultants team, led by Jason McMillan, will relocate to Gallagher’s Denver office under the direction of Bret VanderVoort, head of Gallagher’s Western Zone retail property/casualty brokerage operations. Terms of the transaction were not disclosed.

Private Equity

• Blackstone (NYSE:BX) agreed to acquire Flow Control Holdings, a U.S. provider of highly engineered flow control solutions and components for the data center liquid cooling, food, beverage, and pharmaceutical markets, from Audax Private Equity. Terms of the transaction were not disclosed. The transaction is expected to close in the fourth quarter.

• Private equity firm Thompson Street Capital Partners, announced that its portfolio company Allyant, has acquired Braille Works, a provider of accessible alternative format communications, including braille, large print, audio, and accessible PDFs. Transaction terms were not disclosed.

• Avenrock Energy Inc., a newly formed Canadian energy company backed by global investment firm Carlyle has agreed to acquire Parallax Energy Operating Inc. from Carnelian Energy Capital, establishing a new light oil platform in Western Canada. The deal terms were not disclosed. 

Off The Block

• Tallvine Partners’ North America marine infrastructure platform has completed the acquisition of substantially all assets of Crosby Enterprises, Inc. and certain of its affiliates. The acquisition expands the platform’s presence across the U.S. Gulf Coast and inland waterways, further strengthening its ability to provide critical maritime infrastructure services in key U.S. markets.

• Elemental Royalty Corporation (NASDAQ:ELE) finalized its acquisition of Vizsla Royalties Corp, completing the previously announced transaction through a court-approved plan of arrangement under British Columbia’s Business Corporations Act.

• U.S.-based procurement software provider Jaggaer has completed its acquisition of Ivoflow, a Germany-based platform that provides spend and pricing intelligence for direct materials. The deal supports Jaggaer’s push to create a more intelligent procurement platform by helping businesses turn growing volumes of purchasing data into actionable insights, cost savings, and improved margins. 

Bankruptcy Block

• Meritage Hospitality Group, which operates 314 Wendy’s restaurants across 15 states, filed for Chapter 11 bankruptcy to restructure its balance sheet. The filing follows more than a year of talks with lenders and Wendy’s amid financial pressure, and the company plans to maintain operations during the restructuring.

• The Kennedy Center warned it could face bankruptcy and be unable to meet payroll and maintenance costs within weeks, citing severe financial and physical problems. Ticket sales and donations have fallen, while the center says its main building also needs major repairs. The warning is coming from an institution whose board and senior leadership were handpicked by President Donald Trump, who wants his name inscribed on the building.

• AirBaltic filed for Chapter 11 bankruptcy protection in New York to restructure its debt after rising jet fuel costs and stalled creditor talks, Reuters reported. The airline secured $405 million in financing to support operations and plans to continue flights while restructuring, with about $583 million in funded debt and lease liabilities.

For the previous edition of Deal Dispatch, click here.

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