Mergers and Acquisitions: Sell Side for Gilman Ciocia

Gilman Ciocia

  • Background:  Headquartered in Poughkeepsie, New York, Gilman Ciocia provides financial planning, accounting, income tax preparation, and asset management services in the U.S.  Specifically, the Company provides financial planning services to individual investors, tax preparation services to individuals in the middle and upper income tax brackets and accounting services to small and midsize companies.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 70 strategic and financial parties
    • Issued a Fairness Opinion in connection with the transaction
  • Challenges:
    • Positioned a unique public company with formally combined financial planning and tax preparation services on the same premises
    • Maximized value and provided an exit for private equity investors and shareholders, while maintaining stability amongst financial planners and tax professionals
  • Outcome:  In October 2013, Gilman Ciocia, Inc. merged with National Holdings Corporation, a financial services organization based in New York, NY.