New On The Block
Six Flags Entertainment Corp. (NYSE: FUN) insists it has plans to boost attendance and reduce costs. But activist shareholder Land & Buildings Investment Management got specific on Friday, Sept. 26: spin off Six Flags’ real estate into a REIT or sell it outright, unlocking what it says could be $6 billion in value. Citing bad weather, merger hangovers from last year’s Cedar Fair tie-up, and record short interest, the firm sees a “generational opportunity” for those brave enough to buy the dip before the ride goes back up. This isn’t L&B’s first ride with Six Flags. In late 2022, its pitch sent shares soaring 45% and even got a new director added to the board. By mid-2023, it campaigned for real estate monetization—advice the company ignored in favor of the Cedar Fair merger. That deal, L&B’s Jonathan Litt argues, turned out “far worse than we even anticipated.” Additionally, Six Flags must contend with rivals like Disney and Universal, who are luring its potential customers, and the pressure to capitalize on its land is only growing.
Blackstone Inc. (NYSE: BX) is exploring the sale of Ancestry.com, as well as an initial public offering (IPO), according to Reuters. The dual-track process already involves banks making a pitch for either an IPO, which could value the company at around $10 billion, or a sale. The deliberations come as the U.S. IPO market has rebounded, surpassing 2024’s first-time share sales.
The Chinese-owned State Development and Investment Corporation (SDIC) is exploring the sale of its UK energy assets, which are run through Edinburgh-based Red Rock Renewables. Bloomberg estimates that the portfolio—offshore and onshore wind farms—could fetch £500–700 million ($673–$943 million).
Updates From The Block
Heineken N.V. has reached a binding agreement to acquire the beverage and retail operations of Florida Ice and Farm Company S.A. (FIFCO) for $3.2 billion. This acquisition enhances Heineken’s EverGreen strategy, expanding its presence in Costa Rica, Panama, Nicaragua, and Guatemala. It includes a 75% stake in Distribuidora La Florida, a key player in Costa Rica’s retail and beverage market, and the remaining 25% of Heineken Panama, making Heineken the full owner of the country’s fastest-growing brewer. The deal also covers a 100% stake in FIFCO’s Mexico-based beyond beer business and a 75% stake in Nicaragua Brewing Holding, further solidifying Heineken’s regional footprint.
Birkenstock Holding plc (NYSE: BIRK) signed an agreement on September 23 to purchase a production and logistics facility near Dresden for 18 million euros. The site spans 78,000 square meters of developed space and an additional 80,000 square meters of land, secured at 240 euros per square meter after the prior owner’s bankruptcy. The property will be operational by fiscal 2027 and initially support sandal, clog, and footbed production, expanding the company’s ability to meet global demand. The acquisition underscores the company’s effort to expand capacity across Europe.
Robert Kraft is selling an 8% stake in the New England Patriots, Axios reported. The deal values the team at around $9 billion and surpasses the previous record of $6 billion for a majority stake in an NFL team (Washington Commanders). Billionaire Dean Metropoulos would take 5%, and private equity firm Sixth Street Partners would take 3%. Sixth Street, which recently invested in the Boston Celtics, would be making its NFL debut. It’s unclear whether the sale includes just the team or also Patriot Place real estate.
Bankruptcy Block
Iron Hill Brewery & Restaurant announced Thursday that it is permanently closing all of its locations and filing for bankruptcy. The chain, which has restaurants in Derry Township and Lancaster, shared the news via a social media post and in emails sent to diners. Customers were turned away, with signs indicating the closure, CBS reports. Earlier, Iron Hill had cited a “changing business landscape” as the reason for closing three locations, including its flagship in Newark, Delaware. CEO Mark Kirke emphasized the closures were part of a larger growth strategy to strengthen the brand for long-term success.
First Brands Group, a U.S. auto parts supplier, is on the brink of bankruptcy after a cash crunch worsened when some of its funds were seized during a bank transfer. The seizure involved a bank that is also one of its creditors. The company’s financial troubles have intensified rapidly. Just weeks ago, it reported having over $800 million in cash, but it now faces mounting off-balance-sheet debt that could total around $10 billion, according to the FT. The company is owned by Patrick James, who faced past fraud allegations that were settled. Lenders are closely scrutinizing collateral and off-balance-sheet financing as rescue negotiations continue.
For the previous edition of Deal Dispatch, click here.
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