New On The Block

  • NEXGEL (NASDAQ:NXGL) is reviewing its non-core assets and business structure to improve liquidity and focus resources on its key growth areas. A special committee is evaluating options including asset sales, partnerships, restructuring and potentially winding down certain operations, with an initial plan expected within 30 to 45 days.
  • Ocean Power Technologies, Inc. (NYSE:OPTT) is exploring strategic alternatives to maximize value for its stockholders. The company tapped investment bank Bowen, Inc. to advise the review.
  • U.S. Gold Corp. (NASDAQ:USAU) has established a Special Committee to review potential merger and acquisition opportunities and hired advisors to explore financing options for the development of its CK Gold Project in southeastern Wyoming.
  • SpringBig Holdings completed a restructuring that wiped out about $12.5 million in secured debt. The company is exploring strategic alternatives to boost shareholder value. The company did not disclose which strategic options it is considering or when the review will be completed. The company said it is weighing several opportunities and will provide more details as the process advances.

Updates From The Block

  • Munich Re agreed to acquire U.S. insurtech At-Bay for $575 million, expanding its cyber insurance business for small and midsize companies. The deal combines At-Bay’s cyber coverage and proactive cybersecurity tools with Munich Re and HSB’s insurance capabilities. The transaction is expected to close in the first quarter of 2027.
  • Mitsubishi Electric Corporation has entered into an agreement with PCI Energy Solutions, a U.S.-based enterprise software provider of energy management and optimization platforms, to acquire the company for $1.4 million. The transaction is expected to be completed in 2026, subject to regulatory approval.
  • T. Rowe Price Group, Inc. (NASDAQ: TROW) has agreed to acquire F/m Investments LLC. Upon closing, F/m will operate as “F/m Investments, a T. Rowe Price Company. The transaction is expected to close in early 2027, subject to customary filings and closing conditions. Financial terms were not disclosed.
  • Dover Corporation (NYSE:DOV) has agreed to acquire Leistung Engineering Pvt. Ltd., which will become part of OPW Fluid Transfer Solutions within Dover’s Clean Energy & Fueling segment following the closing of the deal. The transaction is expected to close in the fourth quarter, subject to regulatory approval. The transaction terms were not disclosed.
  • Veralto (NYSE: VLTO), a global leader in water and product quality solutions, has bought Cleanwater1 for $465 million. The transaction is expected to be completed in the fourth quarter of 2026, subject to customary closing conditions.
  • ScanSource, Inc. (NASDAQ:SCSC), a technology distributor, has purchased MicroAge for $220 million. The acquisition is expected to close in the quarter ending Sept. 30, 2026, subject to regulatory approval and other customary closing conditions.
  • Madison Air Solutions Corporation (NYSE:MAIR), a global provider of air quality solutions, agreed to acquire ebm-papst at an enterprise purchase price of $5.4 billion, or $5 billion net of future tax savings. The transaction is expected to close around year-end, subject to regulatory approvals.
  • The Goldman Sachs Group, Inc. (NYSE:GS) has agreed to acquire LCN Capital Partners, an investment manager specializing in the sale-leaseback, build-to-suit, and triple net lease sectors of the real estate market, for approximately $410 million. The transaction is expected to close by the end of 2026, subject to regulatory approval.

Off The Block

  • Mavis Tire Express Services Corp. completed its acquisition of The Pep Boys-Manny, Moe & Jack Holding Corp. from Icahn Automotive Group LLC for approximately $700 million in cash. Pep Boys will retain its brand identity as part of the Mavis family of brands.

Bankruptcy Block

  • Northeastern Power and Gas LLC, a New York-based retail energy provider, has filed for Chapter 11 bankruptcy with about $2 million in assets and a disputed $6.9 million creditor claim. The company reported estimated assets and liabilities of between $1 million and $10 million, with 1 to 49 creditors.
  • Barrington & Burdette LLC, a Texas telecommunications infrastructure contractor that operates as OSP Technologies, has filed for Chapter 11 bankruptcy as it seeks to restructure its finances. The company reported assets between $500,000 and $1 million with liabilities between $1 million and $10 million, according to court documents.
  • Gulfside Windows, Doors & More LLC, a Tampa Bay-area company serving homeowners with impact windows and doors, has filed for Chapter 11 bankruptcy amid financial difficulties. The company listed assets between $100,001 and $500,000 and liabilities between $1 million and $10 million, court documents show.
  • Bedliner Kingdom Inc., a California company that sells truck accessories, has filed for Chapter 11 bankruptcy.  The company reported assets between $100,000 and $500,000 with liabilities between $1 million and $10 million.

For the previous edition of Deal Dispatch, click here.

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