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.
https://www.casselsalpeter.com/wp-content/uploads/2022/01/CS_Website_Tombstone-Resize_Case-Studies_EveryMundo_Logo_01.07.21_Draft02.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2022-11-01 17:51:292024-01-11 17:43:12PROS Holdings, inc. acquired EveryMundo
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.
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.
https://www.casselsalpeter.com/wp-content/uploads/2021/02/opis-corporatelogo-2019.png300300roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2021-01-01 15:16:052024-01-11 17:46:02Citadel Consulting Group, LLL acquired Opis
Background:Westchester General Hospital, Inc. (“Westchester”), founded in 1967 and based in Miami, FL, is a 125-bed, family-owned acute care hospital providing quality, patient-centered care. Westchester also helped develop a graduate medical education program that has trained hundreds of physicians who serve across the nation.
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 an international buyer that was looking to expand their footprint in Florida
Challenges:
Distressed operations with negative cash flow
Ensuring a smooth transaction while dealing with the negative impacts of the COVID-19 pandemic
Navigating the ever-changing Paycheck Protection Program and CARES Act guidelines relating to mergers and acquisitions
Outcome: In October 2020, Westchester was acquired by Sanitas USA, Inc. a subsidiary of Keralty SAS, an international health enterprise leader in patient-centered care and health outcomes.
https://www.casselsalpeter.com/wp-content/uploads/2020/11/Westchester.png300300roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2020-10-01 20:22:382024-01-11 17:46:53Westchester General Hospital acquired by Sanitas
Background: Moviefone, a subsidiary of Helios and Matheson Analytics, Inc., is an entertainment information and marketing service that delivers movie showtimes, trailers, TV schedules, streaming information, cast and crew interviews, and editorial coverage.
Cassel Salpeter:
Served as financial advisor to the Company
Conducted a robust sales process, identifying and contacting a broad set of strategic and financial parties
Provided assistance throughout all phases of the Chapter 7 Section 363 sales process, due diligence, and auctions
Challenges:
Moviefone was losing value over time due to limited attention and resources; the assets needed to be sold in a short time frame in order to preserve value
Limited information and resources available at the Company
Maximizing the value of the estate during a global pandemic
Outcome: On March 19, 2020, the court approved the sale of the Moviefone assets to Born In Cleveland, LLC. Additional assets were also sold as part of the bankruptcy sales process.
https://www.casselsalpeter.com/wp-content/uploads/2020/11/MovieFone.png300300roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2020-04-01 20:20:372024-01-11 17:47:28Moviefone Assets sold to Born In Cleveland, LLC
Background: FlaglerCE Holdings, LLC (“Flagler”), founded in 2008 and based in Tampa, FL, engages in the sale, rental, and servicing of heavy construction equipment. Flagler has the exclusive rights to distribute Volvo Construction Equipment in the state of Florida. Flagler operates six main branches across Florida.
Cassel Salpeter:
Served as financial advisor to the Company
Ran a competitive bidding process amongst a select group of potential buyers, maximizing proceeds for Flagler’s stakeholders
Provided assistance throughout all phases of the sale process
Challenges:
Distressed operations with short timeline to close the deal
Multi-constituent transaction that required the successful funding of a Special Purpose Acquisition Company (SPAC)
Outcome: On February 14, 2020, Alta Equipment Company acquired Flagler.
Alta Equipment Group Inc. owns and operates integrated equipment dealership platforms in the U.S. Alta Equipment Company merged with B. Riley Principal Merger Corp., a SPAC, and changed its name to Alta Equipment Group Inc.
https://www.casselsalpeter.com/wp-content/uploads/2020/11/Flagler.png300300roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2020-02-01 20:23:532024-01-11 17:46:31Alta Equipment Company acquired Flagler
Background: South-Am Freeze Dry SpA (“South-Am”), founded in 2004 and based in Chile, is a full-service manufacturer of premium freeze-dried fruits, vegetables, and powders, driven by top standards of food safety and traceability. South-Am fuses creativity and innovation with world-class quality standards.
Cassel Salpeter:
Served as financial advisor to the Company
Distressed operations with excess plant capacity and negative cash flow
Spin-out of a non-core business unit
Challenges:
Niche industry with a limited number of potential buyers
Expedited timeline to close
Spin-out of a non-core business unit
Outcome: On August 14, 2019, Van Drunen Farms (“VDF”) acquired a majority interest in South-Am. VDF is a world leader in agriculture, food science, and dehydrating fruits, vegetables, and grains.
The partnership formed between South-Am and VDF provided South-Am with a significant minority stake, and quickly filled excess plant capacity, providing a path to profitability.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/SouthAM_logo.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2019-08-01 17:23:142020-12-08 14:37:16South-Am sold a majority interest to Van Drunen Farms
Background: Achaogen, Inc. (“Achaogen”), based in South San Francisco, CA, is a biopharmaceutical company that develops and commercializes innovative antibacterial agents to address multidrug-resistant gram-negative infections.
Cassel Salpeter:
Served as financial advisor to the Company
Conducted a robust sales process, identifying and contacting approximately 200 strategic and financial parties
Significantly increased the value of the opening bid by running a competitive auction
Provided assistance throughout all phases of the Chapter 11 Section 363 sales process, due diligence, and auctions
Challenges:
Achaogen’s lead asset, ZEMDRI™, had an unsuccessful launch which lead to massive layoffs, including almost all Achaogen’s sales force
Dramatic downturn in the availability of financing from both the debt and equity markets for companies in the anti-infective field
Maximizing value with no stalking horse bidder in place
Outcome: On July 23, 2019, the court approved the sale of Achaogen’s core assets to Cipla USA Inc., a subsidiary of the India-based parent, Cipla Limited. Additional assets were also sold to multiple buyers as part of the bankruptcy sales process.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/Achaogen_logo.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2019-07-01 17:01:082024-01-11 17:48:09Achaogen sold the global assets to Cipla USA
Background: Avadel Specialty Pharmaceuticals, LLC (“ASP”), based in Chesterfield, MO, is a pharmaceutical company engaged in the business of commercializing, marketing, and distributing NOCTIVA™ (desmopressin acetate) nasal spray.
Cassel Salpeter:
Served as 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 Chapter 11 Section 363 sales process, due diligence, and auction.
Challenges:
NOCTIVA™ had limited sales and required a full commercialization effort to make the drug financially successful
ASP entered into an unfavorable license agreement which potential bidders ultimately had to renegotiate
Outcome: On April 15, 2019, the court approved the sale of certain ASP assets to Roivant Sciences GmbH, headquartered in Basel, Switzerland.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/Avadel_logo.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2019-04-01 17:22:402020-12-08 14:37:00ASP sold certain assets to Roivant Sciences GmbH
Background: InRegen, with headquarters in the Cayman Islands, is a leader in three-dimensional regenerative medicine.
Cassel Salpeter:
Served as exclusive financial advisor to the Company in its divestiture of the Neo Urinary conduit assets
Ran a competitive sales process for the assets and assisted the Company in evaluating offers received
Assisted in the structuring, negotiating, and closing of the transaction
Challenges:
Complex technology
Small universe of potential buyers
Outcome: On December 31, 2018, InRegen closed on the sale of the Neo Urinary Conduit assets to Orgagen, Inc.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/InRegen_logo.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2018-12-01 17:02:532020-12-08 14:37:24inRegen sold certain assets to Orgagen