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PROVIDER NETWORK SOLUTIONS

  • Background: Provider Network Solutions (“PNS”), based in Miami, FL, is a leading value-based care MSO, managing 3.5 million lives with over 2,000 specialty providers, committed to improving quality care with networks of providers in dermatology, orthopedics, podiatry, and pain management.
  • Cassel Salpeter:
    • Served as financial advisor to the company
    • Conducted a robust process to identify the ideal strategic partner for PNS to achieve its next-level growth objectives
    • Maximized the value of assets contributed to the joint venture while optimizing the value of the assets not involved in the transaction
  • Challenges:
      • Managing the unique requirements of a joint venture, wherein PNS carved-out and contributed its three musculoskeletal networks (orthopedics, podiatry, and pain management) to the joint venture
      • Creating a roadmap for the various agreements covering personnel, administration, and services for the joint venture
  • Outcome: In September 2023, PNS and Healthcare Outcomes Performance Company (“HOPCo”) created a joint venture that acquired PNS’s musculoskeletal networks. The new venture, named HOPCo Network Solutions, is an innovative value-based care platform managing networks in Florida of over 1,100 specialty providers and 1.8 million lives.

Athenex

  • Background: Athenex, Inc. (“Athenex”), based in Buffalo, NY, is a diversified global biopharmaceutical company dedicated to the sale of specialty pharmaceuticals via licensing agreements with global partners and the development of novel therapies for the treatment of cancer.
  • Cassel Salpeter:
    • Served as financial advisor to the company
    • Conducted a robust sales process, identifying and contacting nearly 300 strategic and financial parties
    • Significantly increased the value of the opening bid by running a competitive auction
    • Worked with the company to monetize ancillary assets to generate incremental value for the estate
  • Challenges:
    • Seeking to sell multiple, unrelated divisions of the company
    • Significant capital needed to fund clinical trial programs for developmental assets post acquisition 
    • Significant cure costs required bidders to negotiate deals with vendors
  • Outcome: In June 2023, the court approved the sale of Athenex’s APD assets to Sagent Pharmaceticals, Inc.  Accounts receivable were sold to Oaktree Capital Management, LP.  Assets related to the Orascovery platform were sold to C-MER Specialty Group Limited (HKG:03309).

Primary Eye Care

  • Background: Primary Eye Care Center, P.C. (“Primary Eye Care Center”), headquartered in Bloomfield, CT, is a highly-regarded eye care practice with three locations and an ambulatory surgical center near Hartford, CT.  The practice developed a strong network over its nearly 60-year history, drawing patients from immediate and surrounding counties.
  • Cassel Salpeter:
    • Served as financial advisor to the company
    • Ran a focused, competitive sales process, identifying and contacting private-equity backed strategic buyers
    • Successfully identified a strategic acquirer for the practice and worked closely with the physician owners to achieve an optimal transaction
  • Challenges:
    • Managing staffing and operational complexities
    • Ensuring that sellers’ post-transaction objectives were met
    • Maximizing and delivering value for the practice
  • Outcome: In June 2023, Primary Eye Care Center was acquired by ReFocus Management Services, LLC, (“ReFocus”).  ReFocus is an eye care management services organization with locations across the Northeastern  U.S. and is a portfolio company of Zenyth Partners.

Flourish Research Holdings, LLC Acquired Central Research Holdings

  • Background: Central Research Associates, Inc. (“CRA”), based in Birmingham, AL, is a leading, founder-owned, multi-specialty clinical research site, offering clinical trial opportunities to patients in Birmingham and the surrounding areas.
  • Cassel Salpeter:
    • Served as financial advisor to CRA
    • Successfully identified a strategic buyer interested in expanding its footprint in the Southeastern U.S.
    • Was deeply involved in the process from buyer selection through closing
  • Challenges:
    • Expedited marketing process to ensure the sellers timeline was met
    • Maintained original deal timeline despite challenging market conditions
    • Navigating extensive diligence process without interrupting the business
  • Outcome: In April 2023, CRA was acquired by Flourish Research Holdings, LLC (“Flourish Research”), a large clinical trial site network in the U.S.

Corbett Technology Solutions, Inc. Acquired Firecom

  • Background: Firecom, Inc. (“Firecom”), based in Woodside, NY, is the largest fire alarm company in New York City, servicing approximately 800 high-rise buildings, and is one of only five companies in the U.S. to manufacture its own fire life safety systems for high-rise buildings.
  • Cassel Salpeter:
    • Served as financial advisor to the company
    • Ran a highly-focused competitive sales process, identifying and contacting strategic buyers
    • Assisted in the structuring, negotiating, and closing of the transaction
  • Challenges:
    • Maximizing and delivering value for synergies
    • Managing ownership and operational complexities
    • Navigating extensive diligence review process
  • Outcome: In June 2022, Firecom was acquired by Corbett Technology Solutions, Inc. (“CTSI”), a leading provider of communication, collaboration, life-safety, and security solutions for clients across the East Coast.  CTSI is a portfolio company of Wind Point Partners.

M3 Wake Research acquired MSRA Company

  • Background: Multi-Specialty Research Associates (“MSRA”), based in Lake City, FL, is a founder-owned clinical research site, conducting Phase I-IV clinical trials. Since its inception, MSRA, a leader in clinical trials, has conducted clinical trials for leading sponsors in therapeutics, vaccines and diagnostics.
  • Cassel Salpeter:
    • Served as financial advisor to the company
    • Ran a focused, competitive sales process, identifying and contacting strategic and financial buyers
    • Successfully identified a strategic buyer interested in expanding its operations in Florida
    • Was extensively involved in the process from buyer selection through closing
  • Challenges:
    • Expedited sale and due dilligence process to ensure the sellers timeline was met
    • Balancing seller’s objectives to maximize value while preserving organizational structure
  • Outcome: In May 2022, MSRA was acquired by M3 Wake Research, headquartered in Raleigh, NC, an integrated organization of premier investigational sites, with over 16 research locations throughout the U.S.

The Aaron’s Company acquired BrandSmart U.S.A.

  • Background: BrandsMart U.S.A. (“BrandsMart”), based in Fort Lauderdale, FL, is a leading Southeast U.S. appliance and electronics retailer, offering a wide selection of brands, and thousands of products, including appliances, consumer electronics and computers, furniture, and other home goods. 
  • Cassel Salpeter:
    • Served as financial advisor to the company
    • Facilitated the due dilligence process, working closely with the team to expeditiously and clearly answer acquirer’s questions
    • Assisted in the structuring, negotiating, and closing of the transaction
  • Challenges:
    • Ensured the desires were met to carry on the company legacy after decades of family ownership
    • As it was an unsolicited transaction, the seller was not fully prepared for the nuances of a sales process
    • Extensive due dilligence process without interrupting business, while working to meet the timing needs of a public company acquirer
  • Outcome: In April 2022, BrandsMart was acquired by The Aaron’s Company (NYSE: AAN), a leading technology-enabled, omnichannel provider of lease-to-own and purchase solutions with headquarters in Atlanta, GA.

PROS Holdings, inc. acquired EveryMundo

  • Background: EveryMundo (“EveryMundo, LLC”), based in Miami, FL, is the leader in SaaS fare marketing technology focused on helping airlines, travel, and events businesses maximize their reach and engagement, enabling deeper relationships with their customers across multiple channels to bypass third-party aggregators and drive direct booking opportunities.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a focused, competitive sales process, identifying and contacting strategic and financial buyers
    • Successfully identified a strategic acquirer looking to gain greater market penetration and enhance its digital consumer engagement offerings
  • Challenges:
    • Helping potential buyers understand EveryMundo’s rapid growth trajectory, sustainability, and expansion into new adjacent markets
    • Maintaining tight timeline for transaction process without interfering with business growth trajectory
  • Outcome: In November 2021, EveryMundo was acquired by PROS Holdings, Inc. (NYSE: PRO), a provider of SaaS solutions optimizing shopping and selling experiences with headquarters in Houston, TX.

Spectrum Vision Partners acquired Comprehensive Eye

  • Background: Comprehensive Eye M.D. (“Comprehensive Eye”), based in Long Island, NY, is a physician-owned and operated ophthalmology practice. Comprehensive Eye provides patients with best-in-class ophthalmologic medical and surgical care.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Assisted company in exploring strategic alternatives including the sale of the company
    • Introduced and evaluated potential strategic partners
    • Worked closely with physician owner to navigate all phases of the sale process and achieve optimal transaction for a long-time, closely held business
  • Challenges:
    • Sale process conducted during pandemic
    • Ensuring seamless transition after decades of physician ownership
    • Maximizing and delivering value for synergies
    • Navigating extensive diligence review process
  • Outcome: In October 2021, Comprehensive Eye was acquired as part of a significant regional roll-up strategy by Spectrum Vision Partners, a portfolio company of Blue Sea Capital.

Citadel Consulting Group, LLL acquired Opis

  • Background: Opis Management Resources, LLC and Gabriel Living Centers, LLC (“Opis”), founded in 2003 and based in Tampa, FL, is one of Florida’s leading providers of long-term and post-acute care, comprised of 10 skilled nursing facilities and an assisted living facility offering comprehensive rehabilitation, advanced practitioner, and community-based services throughout Central Florida.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Conducted a robust sales process, identifying and contacting over 100 strategic and financial parties
    • Successfully identified a strategic buyer interested in expanding its operations in Florida
  • Challenges:
    • Facilities impacted by COVID-19 pandemic
    • Completed sales, marketing, and closing virtually
  • Outcome: In January 2021, Opis was acquired by Citadel Consulting Group, LLC, who owns and operates multiple nursing homes and care centers in Florida, as well as in other parts of the U.S., and has an extensive track record of providing a high standard of care.