Plenty Vertical Farming Faces Bankruptcy
Plenty, the vertical farming company backed by billionaire Jeff Bezos, is facing bankruptcy, joining other ventures in the increasingly competitive field. The Bay Area startup, according to the Wall Street Journal, is now following Bowery, AeroFarms, and AppHarvest in a wave of failures.
Although SoftBank was to take charge of Plenty’s future, the company instead provided a $20.7 million DIP financing lifeline to keep operations afloat.
Bar Louie Files for Chapter 11
According to Nation’s Restaurant News, Bar Louie has filed for Chapter 11 bankruptcy protection. The Texas-based restaurant chain, which operates 48 locations across the United States, has assets valued between $1 million and $10 million. Its liabilities range from $50 million to $100 million.
The company attributed rising food and labor costs as key reasons for the financial issues. The chain says it is restructuring to reduce debt while keeping some restaurants open. Bar Louie joins a number of restaurant chains in the recent wave of bankruptcies, including TGI Friday’s, Red Lobster, Red Robin, and On the Border.
Hooters Attempts a Turnaround
As Hooters edges toward bankruptcy, the brand is trying to adjust its image. The company is reportedly parting ways with the decisions made by its private equity backers, including the controversial use of revealing uniforms. “That’s depressing to us,” Neil Kiefer, chief executive officer of HMC Hospitality Group, told Bloomberg. “We want to change that.”
AT&T Pursues Lumen Technologies’ Consumer Fiber Business
AT&T T is looking to acquire Lumen Technologies‘ LUMN consumer fiber business, with a price tag exceeding $5.5 billion, according to Bloomberg. This move follows AT&T’s recent sale-leaseback deal for 74 of its properties, which generated $850 million in cash.
Survitec’s Aerospace and Defense Business Auctioned
Searchlight Capital Partners has hired Houlihan Lokey Inc. for an auction of Survitec‘s aerospace and defense business. This sale process signifies the heightened demand for defense assets, especially given the focus aerospace and defense companies currently place on their core assets, according to PwC.
Blackstone Plans to Shop ISN Software Segment
Blackstone Inc. BX is reportedly exploring a sale of its ISN Software segment. The Dallas-based compliance software firm is valued at over $6 billion. Though a bank has yet to be hired, according to Bloomberg, potential buyers are expressing interest.
I Squared Capital Seeks to Divest Energia Group
Private equity firm I Squared Capital aims to divest Irish power producer, Energia Group, valued at approximately 2 billion euros ($2.2 billion). According to Bloomberg, the sale could attract the interest of other energy companies seeking to expand within the European market.
Morgan Stanley to Sell Stake in PNE
Morgan Stanley MS plans to sell its 50.1% stake in PNE, a Germany-based company specializing in wind and solar energy projects. Reuters reports that the sale of the stake could support the firm’s focus on renewable energy ventures across Europe.
Cintas Abandons UniFirst Acquisition
Cintas CTAS has terminated its plan to purchase work uniform provider UniFirst UNF. The proposed deal planned to offer $275 per share in cash, but despite weeks of conversations, the parties failed to reach an agreement. Cintas did, however, report positive earnings.
William Blair Advises on CentralReach Acquisition
William Blair is advising CentralReach LLC, a portfolio company of Insight Partners, on its planned acquisition by Roper Technologies, Inc. ROP for $1.85 billion.
India Seeks Stake in SQM’s Australian Lithium Projects
India is looking to secure a stake in Chilean mining leader SQM’s SQM projects in Australia. This deal would allow India access to critical battery minerals to support its growing market. The Indian consortium, led by Khanij Bidesh India Ltd (KABIL), is pursuing stakes in SQM’s Mount Holland and Andover lithium projects in Western Australia. Initial estimates suggest a 20% stake would be roughly $600 million.
Napster Sold to Infinite Reality
Napster, the original digital music platform, has been sold to tech startup Infinite Reality for $207 million. This move signifies Napster’s transition from its nostalgic roots toward AI and immersive technologies. Napster CEO Jon Vlassopulos is remaining at the helm and taking on a global role at iR. This acquisition follows iR’s $3 billion funding round, pushing the company’s valuation to $12.25 billion. Infinite Reality’s backers include Steve Aoki, Imagine Dragons, Rudy Gobert, and Taylor Fritz.
