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).
Background: P3 Technologies, LLC (“P3”), headquartered in Jupiter, FL, is a custom turbomachinery engineering, product development and manufacturing business providing differentiated propulsion, power, and pumps technologies for the space, new energy and medical markets.
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 enhance its technological capabilities and expand its turbomachinery solutions
Challenges:
Achieving a seamless transaction without interrupting the business
Founder seeking to transfer back-office responsibilities in order to focus on the primary business
Project-based business with periodic, significant client wins
Outcome: In November 2023, P3 was acquired by Graham Corporation (NYSE: GHM) (“Graham”). Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, and energy industries. P3 integrates seamlessly into Graham’s Barber-Nichols (“BN”) brand, bringing highly complementary technology that enhances BN’s turbomachinery 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.
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.
https://www.casselsalpeter.com/wp-content/uploads/2023/05/CRA_309x309.jpg309309roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2023-05-25 15:26:012023-05-26 16:05:58Flourish Research Holdings, LLC Acquired Central Research Holdings
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.
https://www.casselsalpeter.com/wp-content/uploads/2022/07/firecom-1.png256256roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2022-07-12 14:08:552023-12-05 21:18:41Corbett Technology Solutions, Inc. Acquired Firecom
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.
https://www.casselsalpeter.com/wp-content/uploads/2022/05/MSRA-Logo_1x1.jpg217218roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2022-05-20 15:34:402023-05-26 16:07:27M3 Wake Research acquired MSRA Company
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.
https://www.casselsalpeter.com/wp-content/uploads/2022/04/BrandSmart_USA.png400400roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2022-04-05 16:52:342022-04-11 16:50:04The Aaron’s Company acquired BrandSmart U.S.A.