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.

Featured Transaction

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