Patriot Transportation

  • Background: Patriot Transportation Holding, Inc. (NASDAQ: PATI) (“Patriot Transportation”), headquartered in Jacksonville, FL, is a leading tank truck operator, delivering petroleum products and other liquid and dry bulk commodities across the Southeastern U.S.
  • Cassel Salpeter:
    • Served as financial advisor to the company
    • Issued a fairness opinion as to whether the consideration to be received by the holders of common stock of the company in the transaction was fair, from a financial point of view, to such holders
    • Performed a market check and ran a “go-shop” process, identifying and contacting more than a dozen strategic parties and responding to due diligence requests from such parties
  • Challenges:
    • Ensuring the “go-shop” process was done efficiently and on a timely basis in order to meet the objectives of the market check without delaying the closing timeline for the transaction with United Petroleum Transports (“UPT”)
  • Outcome: In November 2023, Patriot Transportation was acquired by UPT for approximately $66.2 million, representing a 111.7% premium over the stock’s prior day pre-announcement closing price.