New On The Block
TA Associates is reportedly selling bubble-tea maker Gong Cha. The private equity firm is reportedly working with JPMorgan Chase to explore a potential deal. The transaction could value the bubble-tea chain at around $2 billion. Talks are still in the early stages, and no decisions have been made yet.
Updates From The Block
Private equity firm Trive Capital has made a strategic investment in women’s special occasion apparel company Adrianna Papell. The current management team will remain in place to drive the company’s strategic growth initiatives. 

Cleco Power is drawing interest from Stonepeak Partners and Bernhard Capital Partners, as they consider purchasing the energy company from Macquarie Group, Bloomberg reports. The deal would value Cleco at more than $5 billion. Negotiations are ongoing.

New State Capital Partners has acquired co-working platform Vast Coworking Group as a carve-out from the United Franchise Group. Terms of the transaction remain undisclosed. Co-founder Jason Anderson will continue to serve as CEO.
Off The BlockBankruptcy Block
Eddie Bauer canceled its March 6 bankruptcy auction for its 174 physical stores after failing to receive any bids for the retail operations by the deadline, Reuters reported this morning. The outdoor retailer filed for bankruptcy last month and was seeking a buyer for its brick-and-mortar stores. Eddie Bauer remains open to offers from interested buyers and will continue holding store-closing sales at its locations.

Cumulus Media, an audio entertainment company that operates 394 radio stations along with a radio syndication division and a podcast network, has filed for bankruptcy protection in Texas, Reuters reported. The filing includes a restructuring plan aimed at wiping out the majority of the company’s $697 million debt.

For the previous edition of Deal Dispatch, click here.

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