Deal Dispatch: Salesforce Buys Cresta, CrowdStrike Acquires Two AI Companies, Out West Restaurant Group Bankruptcy

New on the Block

Innventure (NASDAQ:INV) has formed a strategic review committee to evaluate capital-raising options and other moves to strengthen its financial position amid near-term liquidity needs. The company has cut its workforce from 40 to 15, reducing payroll costs by approximately 57%, and plans to end funding for AeroFlexx within a month and Refinity by year-end while pursuing strategic alternatives for both. Meanwhile, subsidiary Accelsius has hired Evercore to advise on its independent fundraising efforts.

Updates From the Block

Paradigm Equity Partners, a Los Angeles-based private equity firm, acquired STI Fabrics, an American manufacturer of upholstery and performance fabrics. Paradigm plans to grow STI by improving manufacturing and sales execution, developing new products, expanding into outdoor and designer markets, and pursuing acquisitions to broaden its capabilities and customer base.

PAI Partners has agreed to acquire British prestige skincare brand ELEMIS from L’OCCITANE Group. The deal is expected to close in the first quarter of 2027, pending regulatory approvals and customary closing conditions.

Energy Capital Partners has agreed to sell Harvestone Low Carbon Partners, a U.S. decarbonization platform, to The Andersons (NASDAQ:ANDE) for an enterprise value of $915 million. The deal is expected to close in late 2026 or early 2027, subject to regulatory approvals and customary closing conditions.

CrowdStrike (NASDAQ:CRWD) has agreed to acquire two AI cybersecurity startups, Fiddler AI and Dreadnode, for a combined $495 million as it expands its capabilities to monitor, test and secure AI agents, the Wall Street Journal reported.

Salesforce (NYSE:CRM) has agreed to acquire Cresta, a voice-first platform focused on customer experience operations. The deal is expected to close in the first quarter of fiscal 2028, subject to regulatory approvals and other customary closing conditions.

ECA Medical has agreed to sell a majority stake to healthcare-focused private equity firm Curewell Capital, which is acquiring the stake from existing owner LongueVue Capital. The investment will support ECA’s growth, including product expansion and increased manufacturing capacity. Financial terms were not disclosed. The deal is expected to close in the fourth quarter of 2026.

Massachusetts-based private equity firm Onyx Partners has acquired Florida furniture retailer Kane’s Furniture. The transaction is being completed in two stages, with the first involving 11 properties closing in October 2026. The remaining seven properties are expected to change hands in early 2027.

Private equity firm Permira has agreed to acquire a controlling stake in Kansas City-based Flint Group, a provider of residential heating, air conditioning, plumbing and electrical services, Reuters reported. The transaction is valued at more than $1.5 billion and is expected to close by the end of 2026.

Penguin Solutions (NASDAQ:PENG) has agreed to sell its Cree LED business to middle-market private equity firm Transom Capital Group in an all-cash transaction. The deal will make Cree LED an independent business under Transom’s ownership. The transaction is expected to close in the first quarter of 2027, subject to regulatory approval.

Dropbox (NASDAQ:DBX) plans to acquire Tigris Data, a distributed object storage platform designed for AI workloads, as it expands into AI infrastructure for businesses and developers. Financial terms of the deal were not disclosed.

Off the Block

Southern Home Services completed its acquisition of Vanderford Air and Plumbing of League City, Texas. The transaction closed on Nov. 2. Vanderford joins Nick’s Plumbing & Air Conditioning, which Southern acquired in 2025. Together, the two companies expand Southern’s capacity to serve Houston-area homeowners with heating, air conditioning and plumbing services.

Private equity firm Novacap completed its acquisition of OSI Maritime Systems, a Canadian-based company whose navigation and tactical technology supports 27 NATO and allied navies. Financial terms were not disclosed.

Nexus Capital Management completed its acquisition of CW Holdings, the parent company of Coldwater Creek and Soft Surroundings, from Newtimes Group. The two women’s apparel and lifestyle brands, which target women aged 45 and older, have operated under a combined direct-to-consumer platform since 2023.

CVR Energy (NYSE:CVI), backed by billionaire Carl Icahn, agreed to buy two Marathon Petroleum (NYSE:MPC) refineries in Minnesota and North Dakota, along with a related marketing business, in a $4.2 billion deal partly funded by an $800 million investment from Trafigura Group, Bloomberg reported. The deal is slated to close by the end of this year, pending regulatory approval.

Bankruptcy Block

The Children’s Place (NASDAQ:PLCE) is preparing to file for bankruptcy and explore a potential sale, with options ranging from keeping the retailer operational under new ownership to liquidating the business, Bloomberg reported. Existing shareholders are expected to lose their investments as part of the restructuring.

Out West Restaurant Group, which operates Outback Steakhouse locations across the western U.S., filed for Chapter 11 bankruptcy protection in Delaware, Fox Business reported. Bloomin’ Brands (NASDAQ:BLMN), Outback’s parent company, is seeking to acquire 61 restaurants operated by the bankrupt franchisee for $26.3 million as the stalking-horse bidder. The company said the filing will not have any impact on customers, employees or daily operations at the affected Outback locations.

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