Lakewood Organic received Senior Debt Financing

  • Background: Lakewood Organics (“Lakewood”), based in Miami, FL, is an independent family juice company bottling a diverse line of pure organic and premium fruit juice products. Founded in 1935, Lakewood takes great pride in being a responsible steward of the Lakewood brand and holds true to its mission to provide the best quality juices to its customers.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Advised Lakewood in evaluating its financing options and provided assistance throughout the due diligence and closing process
    • Ran a targeted debt raise process, contacting 18 lenders
  • Challenges:
    • Assets held by different entities including the operating business, intellectual property, and real estate
    • Expedited timeline to close
  • Outcome: In May 2018, Lakewood Organics received senior debt financing from Fifth Third Bank to help support the Company in its pursuit of numerous growth initiatives.

Mergers and Acquisitions: Sell Side for Norquay Technology, Inc.

  • Background: Norquay Technology, Inc. (“Norquay”) is a specialty chemical manufacturer with over 30 years of expertise in providing the scale-up and production of advanced proprietary custom materials, including organometallic, inorganic, and organic molecules. Norquay’s product line includes chromic, electronic, catalyst, ligand, medical adhesive, and UV performance products, with a customer base that ranges from startups to large multi-national corporations.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 60 financial and strategic partners
  • Challenges:
    • Balancing owner’s objectives to maximize value while preserving company culture
    • Complexity of the specialty chemical industry and navigating the strict environmental regulations
  • Outcome: In December 2017, Norquay was acquired by MPD Chemicals, a portfolio company of Addison Capital Partners, broadening MPD’s specialty chemical manufacturing capabilities; Norquay’s owner now holds a minority equity stake in MPD.

Mergers and Acquisitions: Sell Side for Trucker Path, Inc.

  • Background: Trucker Path, Inc., is a leading software platform for the trucking industry. Trucker Path’s core product is the Trucker Path app, a trip planning companion for truck drivers, enabling a large driver community to assist each other in updating the real-time status of relevant points-of-interest on their route. Expanding on the success of the Trucker Path app, Trucker Path also introduced the Truckloads app, a mobile marketplace providing freight load matching with over 3 million loads posted monthly.
  • Cassel Salpeter:
    • Served as the exclusive financial advisor to the Company
    • Ran a competitive sales process contacting approximately 50 potential strategic acquirers, resulting in 6 indications of interest
  • Challenges:
    • The Company had a solid user base and software platform, but had not monetized the assets well
    • Company management and board dynamics
  • Outcome: In December 2017, Trucker Path was acquired by Renren. 

Mergers and Acquisitions: Sell Side for Systems 2000, Inc.

  • Background: Systems 2000, Inc. (“Sys2k”) is a SaaS business that provides a mission-critical dealership management system for the specialty vehicle market, including RV, marine, auto, heavy duty trucks, bus and emergency vehicles. With over 350 customers throughout the U.S. and Canada and a strong recurring revenue base, the Sys2k platform is highly regarded due to its true multi-company, multi-location system offering full DMS capabilities across all departments of a dealership.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a limited sales process, contacting 19 specifically targeted financial and strategic buyers
  • Challenges:
    • Management required guidance and support to satisfy due diligence requests due to small size and limited resources
  • Outcome: In March 2018, Sys2k was 100% acquired by Serent Capital, broadening their portfolio of system-of-record software businesses and automobile technology investments. 

Mergers and Acquisitions: Sell Side for Avenger Flight Group, LLC

Avenger Flight Group

  • Background:   Headquartered in Ft. Lauderdale, FL, Avenger Flight Group, LLC provides commercial aviation simulation and training to domestic and international airlines using state of the art simulators located in Ft. Lauderdale, Las Vegas, Mexico City and Dallas.  Avenger also provides classroom training for trainers and pilots.
  • Cassel Salpeter:
    • Served as the exclusive financial advisor to the Company
    • Ran a competitive growth capital raise process, identifying and contacting over 50 strategic and financial parties
  • Challenges:
    • Complex existing capital structure
    • Capital intensive business
  • Outcome: In May 2016, Patriot Capital and Seacoast Capital invested in Avenger Flight Group.  Patriot Capital is a private investment firm based in Baltimore, MD.  Seacoast Capital is a private investment fund based in Boston, MA.

Mergers and Acquisitions: Sell Side for Dever

Dever

  • Background:  Headquartered in Lexington, KY, Dever is a leading provider of transportation and equestrian products and services to major event venues and golf courses throughout the U.S., specializing in the rental, leasing, and sale of golf cars and utility vehicles to commercial and retail channels, as well as a service provider of feed, hay, and bedding products to horse show exhibitors.  
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 140 strategic and financial parties
  • Challenges:
    • Positioning eclectic company to maximize value
    • Transitioning friends and family investors out, while executing partial recapitalization of key management
  • Outcome:  In December 2012, Dever, Inc. was sold to Von Allmen Capital Partners, a family office based in Fort Lauderdale, FL.

Mergers and Acquisitions: Sell Side for NephroGenex, Inc.

NephroGenex

  • Background:  Headquartered in Raleigh, NC, NephroGenex, Inc. is a specialty pharmaceutical Company that focuses on the development of therapeutics to treat kidney disease.  Based on financial considerations, the firm decided to pause its two key programs: 1) its phase 3 clinical program for oral Pyridorin for the treatment of diabetic nephropathy, and 2) its phase 1 ready program for IV Pyridorin for the treatment of acute kidney injuries.
  • Cassel Salpeter:
    • Served as financial advisor to Debtor
    • Identified and contacted over 275 strategic and financial parties
  • Challenges:
    • Complexity and duration of bankruptcy proceedings
  • Outcome: On May 10, 2017 the United States Bankruptcy Judge for the District of Delaware entered an order confirming the Sale pursuant to a Plan of Reorganization under Chapter 11 of the Bankruptcy Code.  The plan became effective on May 24, 2017.

Mergers and Acquisitions: Sell Side for InteliCoat

InteliCoat

  • Background:  Headquartered in South Hadley, Massachusetts,  InteliCoat develops and markets high-performance imaging products, custom coatings, and laminates, offering digital imaging substrates; fine art and photo media products; digital fine art media products; ink jet media products for the reprographics market; and ink jet proofing media products.
  • Cassel Salpeter:
    • Served as the exclusive financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 50 strategic and financial parties
  • Challenges:
    • Deteriorating economics and declining industry dynamics
    • Changing business model created legacy liabilities with respect to prior manufacturing facilities and lease obligations
  • Outcome: In August 2013, InteliCoat Technologies Digital Imaging Holdco, Inc., an affiliate of Sun Capital Partners, Inc., was sold to Exopack Holding Corp., an industry leader in precision-coated papers, films, and specialty substrates, based in Spartanburg, SC.

Mergers and Acquisitions: Sell Side for IOS Health Systems

IOS Health Systems

  • Background: Headquartered in Miami, FL, IOS Health Systems is a leading innovator of cloud-based medical practice software platforms marketed under the Medios® brand. All of IOS’ products are provided as a Software as a Service (“SaaS”) offering and are fully integrated to address every aspect of the physician practice including clinical, financial, and patient engagement, by providing innovative solutions that enhance the way these organizations create, interact, and access health information technology.
  • Cassel Salpeter:
    • Served as exclusive financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 100 strategic and financial parties
    • Provided assistance throughout all phases of the sales process, due diligence, and auction through closing
  • Challenges:
    • Successfully monetizing intellectual property and technology in the sales price
    • Navigation through three different technology audits in addition to the financial and operational due diligence
  • Outcome: In November 2014, IOS Health Systems, Inc. was sold to Intermedix Corp., a Fort Lauderdale, FL based healthcare services and solutions company, owned by Thomas H. Lee Partners.

Capital Raise for IPR International, LLC

IPR International, LLC

  • Background: IPR, with headquarters outside Philadelphia, is a recognized industry leader offering private cloud and infrastructure as service solutions, cloud-based data protection and management services, and a complete range of managed solutions.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Evaluated financing alternatives and provided assistance throughout the due diligence and closing process
  • Challenges:
    • Assisting the new management team in determining the optimal amount of capital needed to implement its growth initiatives
    • Managing the diligence process of a technology company having legacy assets and a diversified product offering and pipeline
  • Outcome:  In February 2014, IPR International received senior debt financing from Elm Park Capital Management, a private credit-focused investment firm.