Carets Explores Strategic Alternatives, nVent Acquires Maverick Power for $1.75B, BioXcel Files Bankruptcy

New Faces

Carets Corporation is exploring strategic alternatives, including a potential sale of the company, and is seeking interest from strategic and financial buyers. Potential acquirers will have the opportunity to acquire Carets' technology platform and its authorized U.S. patent portfolio, including patents related to its video aggregation technology.

Algorhythm Holdings is evaluating strategic alternatives for its SemiCab business, including continuing to operate and grow the division, spinning it off as a standalone company, or selling it. The review comes as Algorhythm considers a potential business combination with an energy infrastructure company serving data centers, which could make the energy business its primary future operation.

Biomerica Inc. has engaged B. Riley Principal Capital as its financial advisor to assist in evaluating multiple strategic alternatives, including a merger or partnership, in an effort to maximize shareholder value.

Latest Developments

nVent Electric plc, a provider of electrical connection and protection solutions, acquired Maverick Power for $1.75 billion, subject to customary adjustments.

The transaction also includes potential additional cash consideration of up to $550 million based on achieving certain performance metrics in 2027 and 2028. The deal is expected to close in the fourth quarter of 2026, subject to customary closing conditions. nVent expects to fund the acquisition through a combination of available cash on hand and new debt.

Descartes Systems Group acquired Tai, a provider of advanced transportation management solutions for freight brokers, from Accel-KKR for $100 million, according to Axios.

Navitas Semiconductor Corporation acquired Claros, Inc., a power management solutions company, in a transaction valued at up to approximately $232.8 million. The deal has been unanimously approved by the boards of both companies and is expected to close before year-end, subject to customary closing conditions, including applicable regulatory approvals.

WSB LLC acquired Foresight Planning & Engineering Services, LLC, a consulting firm based in Austin, Texas. WSB and Foresight will work together to integrate their services and develop a synergistic go-to-market strategy in 2026.

The acquisition further expands WSB's expertise in transportation planning, geotechnical and structural engineering, scheduling, and project management. Financial terms of the transaction were not disclosed.

Truvant, a pure-play contract packaging and co-manufacturing partner, acquired Multi-Pak Packaging, a contract packager specializing in products such as vitamins, minerals, and supplements. Multi-Pak will continue to operate from its facility in West Caldwell, New Jersey, as part of Truvant. Terms of the deal were not disclosed.

KKR & Co. acquired Ci FLAVORS Co., a Japanese beauty and lifestyle brand platform, from private equity firm L Catterton and all existing shareholders. Financial terms of the transaction were not disclosed.

Skimmer, the operating system for pool service and maintenance professionals, acquired Pool Builder Geek and Poologics, two software platforms built for pool construction businesses. Terms of the deal were not disclosed.

Closed

Booz Allen Hamilton completed its previously announced acquisition of Ultra I&C Mission Solutions business for $720 million, further strengthening its technology solutions serving national security missions.

Elastic NV completed its acquisition of Deductive AI, an AI-powered investigation platform that helps engineering teams identify and resolve production issues faster. Existing Deductive AI customers will continue to receive support during integration planning. Additional product roadmap details will be announced in the coming months.

Arcline Investment Management, a private investment firm, completed its previously announced take-private acquisition of AstroNova, Inc. The transaction was previously announced on June 17 and approved by AstroNova shareholders at a special meeting held on August 25.

Ametek, Inc. completed its previously announced acquisition of a portfolio of instrumentation businesses from Indicor, LLC, in an all-cash transaction valued at $5 billion.

BitGo Holdings, Inc., a digital asset infrastructure company, completed its acquisition of NYDIG's institutional trading business and related assets. The transaction expands BitGo's institutional service offerings and enables NYDIG to focus resources on its vertically integrated power generation, bitcoin mining, and high-performance computing data center development operations.

Bankruptcy Section

BioXcel Therapeutics has filed for Chapter 11 bankruptcy protection, according to Reuters. The AI-driven biopharmaceutical company listed assets between $10 million and $50 million, with liabilities between $100 million and $500 million.

No Bull Mattress & More has filed for Chapter 11 bankruptcy protection, according to Furniture Today. The mattress retailer with locations in North Carolina, South Carolina, and New Jersey listed assets of $374,535 and total liabilities of $2.82 million.

Wash Depot Corp., a Georgia-based car wash company, has filed for Chapter 11 bankruptcy protection. The company noted assets between $500,000 and $1 million, with liabilities between $1 million and $10 million. The company reported creditor count between 1 and 49.

White Oak Armory, a firearms and ammunition retailer based in Cleveland, Tennessee, has filed for Chapter 11 bankruptcy protection. The filing shows assets between $500,001 and $1 million, with liabilities in the same range.

BFG Supply, a distributor of lawn, garden, and greenhouse products, has filed for Chapter 11 bankruptcy protection, citing declining revenue and rising operating expenses. The company reported assets between $100 million and $500 million, with liabilities in the same range.