Deal Dispatch: Morgan Stanley Buys Vinyl Equity, Fox Completes Roku Acquisition, Children's Place Files for Chapter 11

New On The Block

Xcel Brands (NASDAQ:XELB) is exploring strategic alternatives, including a potential sale or divestiture of legacy consumer brands and related intellectual property, as it looks to streamline operations, strengthen its balance sheet and focus on its core digital-first, influencer-led live commerce business.

Longevity Health Holdings is evaluating strategic alternatives for the company’s bio-aesthetic and therapeutic businesses in an effort to maximize value for shareholders. Potential options include a merger, reverse merger, business combination, sale or licensing of certain businesses or assets, or a strategic partnership.

Updates From The Block

CorMedix Therapeutics (NASDAQ:CRMD) agreed to acquire substantially all of Heron Therapeutics’ (NASDAQ:HRTX) assets in a deal that includes $145 million in upfront cash, approximately 14.6 million shares of CorMedix common stock and up to $55 million in potential earn-out payments, plus royalties on sales of certain Heron products. The acquisition will add four commercial-stage drugs to CorMedix’s portfolio. The transaction is expected to close in the first quarter of 2027.

Chicago-based Craveworthy Brands signed a definitive agreement to acquire New England Authentic Eats, the Massachusetts-based parent company of Papa Gino’s Pizzeria. The deal marks Craveworthy’s largest acquisition to date, though financial terms were not disclosed. The transaction is expected to close by Dec. 31.

Entegris acquired Advanced Abrasives Corporation, a provider of precision abrasive products and solutions used in high-tech manufacturing. The acquisition expands Entegris’ portfolio of advanced materials and process solutions serving the semiconductor and other high-tech industries. Financial terms of the deal were not disclosed.

Morgan Stanley (NYSE:MS) is buying Vinyl Equity, a digital-first SEC-registered transfer agent and shareholder recordkeeping platform. Financial terms of the deal were not disclosed. The transaction is subject to customary closing conditions and is expected to close in the first quarter of 2027.

Branford Castle Partners acquired Floratine Products Group, Inc., a formulator and manufacturer of specialty plant-nutrition products for golf courses, sports turf and agricultural applications. Terms of the transaction were not disclosed.

Off the Block

Bayou Midstream II and EIV Capital completed their acquisition of Argent Gas Solutions, a Silver Hill Energy Partners subsidiary that owns and operates natural gas gathering, compression and processing assets across three counties in North Dakota’s northeastern Bakken region.

Fox Corporation (NASDAQ:FOXA) completed its acquisition of Roku (NASDAQ:ROKU), combining Fox’s sports, news and local programming with Roku’s connected TV platform. The deal expands Fox’s presence in streaming and connected TV as part of its broader digital strategy. Fox expects to generate approximately $400 million in annual cost synergies within two years and anticipates the acquisition will boost free cash flow per share by the second full year after closing.

Arko Petroleum Corp. completed its acquisition of Great Lakes fuel distributor U.S. Petroleum Partners. The deal, which was first announced in August, included approximately $200 million in cash, plus inventory value, and roughly two million shares of APC Class A common stock valued at about $30 million, which will be held in escrow, CSP Daily News reported.

BlueMatrix completed its acquisition of Aiera, a consortium-backed content delivery platform, bringing research authoring, governance and AI distribution together on a single stack. Financial terms were not disclosed.

Installed Building Products, Inc. (NYSE:IBP) completed its acquisition of Old Dominion Group, a mechanical and industrial insulation installation company, in a transaction valued at $698 million, expanding its commercial and industrial operations into a combined platform.

Bankruptcy Block

Children’s clothing retailer Children’s Place filed for Chapter 11 bankruptcy, Reuters reported. The company reported assets of $742.3 million and liabilities of $881.3 million as of Aug. 1. The company cited declining sales and profitability, competitive and promotional pressures, rising costs and significant liquidity strains as the reason behind the filing.

Mercer International (NASDAQ:MERC) filed for prepackaged Chapter 11 bankruptcy as part of a previously announced restructuring agreement. The company and one non-operating subsidiary filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas to carry out a reorganization. Mercer said its operating subsidiaries are not part of the bankruptcy and will continue normal business operations.

Miami-based jewelry and souvenir retailer Pasha Silver Jewelry filed for Chapter 11 bankruptcy. The company listed its assets between $0 and $50,000 and liabilities of the same, and its creditors between one to 49.

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