Cassel Salpeter & Co. Facilitates Sale of MoviePass Assets to PreTechnology Inc.


Cassel Salpeter & Co., an independent investment banking firm that provides advice to middle market and emerging growth companies in the U.S. and worldwide, today announced it has successfully facilitated the sale of the assets of MoviePass, Inc. (“MoviePass”), a subscription-based movie ticketing service that allowed subscribers to see several movies for a fixed monthly fee, to PreTechnology Inc.

The deal sets the stage for a MoviePass relaunch in 2022.

“We were privileged to work with Alan Nisselson, the trustee for the Chapter 7 estates of Helios and Matheson Analytics Inc., to help find a home for the MoviePass assets. We are pleased to have been able to add additional value to the estate despite the challenging environment in the entertainment industry presented by the pandemic,” said Philip Cassel, a managing director at Cassel Salpeter & Co.

The assets were successfully sold in November with the purchaser being MoviePass co-founder Stacy Spikes.

Previously, in April 2020, Cassel Salpeter also assisted the Chapter 7 Trustee with the sale of MovieFone and other assets of the debtor.

About Cassel Salpeter & Co., LLC
Cassel Salpeter & Co. is an investment banking firm with professionals who have more than forty years of financial experience. They deliver smart, straightforward advisory services to middle-market companies across America. With a thorough understanding of their clients’ industries and a keen sense of the economy, the Cassel Salpeter team provides independent, timely advice so clients can capitalize on a rapidly changing global environment. Headquartered in Miami, Florida, Cassel Salpeter is led by James Cassel and Scott Salpeter. Member FINRA and SIPC.

Cassel Salpeter & Co. Facilitates Sale of EveryMundo to PROS Holdings

 Cassel Salpeter & Co., an independent investment banking firm that provides advice to middle market and emerging growth companies in the U.S. and worldwide, today announced it has successfully represented EveryMundo, LLC, a digital offer marketing pioneer with headquarters in Miami, Fla., in the company’s sale to PROS Holdings, Inc. (NYSE:PRO), a provider of SaaS solutions optimizing shopping and selling experiences with headquarters in Houston, Texas. 

PROS paid $80 million in cash at closing, subject to certain customary adjustments, and will deliver approximately $10 million in stock in the future, subject to certain conditions.

Since its founding, EveryMundo has been focused on helping brands like American Airlines, Star Alliance, Tennis Australia, Greyhound, and Japan Airlines Vacations maximize their reach and engagement, enabling deeper direct relationships with their customers across multiple channels in the most flexible and profitable way possible. For example, with airlines, this means being able to quickly and effortlessly publish offers on direct or indirect channels that entice customers back to owned channels, avoiding the increasing fees charged per offer by global distribution systems that limit reach and erode margin. 

“We’re proud to have been able to work with the EveryMundo team and my son, Co-Founder and President Seth Cassel, to find the right buyer and partner in PROS,” said Cassel Salpeter Chairman and Co-founder James S. Cassel. “There is a strong cultural fit and shared vision between the companies. The combination of EveryMundo and PROS enables them to scale to the next level of growth, gain greater market penetration and increase digital consumer engagement.”

EveryMundo Co-Founder and President Seth Cassel added: “Today is a monumental day for our team and a next step in our quest to disrupt industry paradigms hindering market growth and opportunity for airlines and B2B organizations. The cultural fit and business model alignment with PROS is what makes this combination so powerful and what will enable us to transform the brand experiences for the businesses we serve.”

“It was incredibly rewarding working with Cassel Salpeter, said EveryMundo Co-Founder and Chief Executive Officer Anton Diego. “The firm’s knowledge and experience were invaluable throughout this process, and helped make the transaction seamless, without interrupting our business, and while working quickly and diligently to achieve the best outcome for our team.” 

The Cassel Salpeter team was led by Chairman and Co-founder James S. Cassel and Managing Director Philip Cassel, with the assistance of Associate Edward Kropf.

About Cassel Salpeter & Co., LLC
Cassel Salpeter & Co. is an investment banking firm with professionals who have more than forty years of financial experience. They deliver smart, straightforward advisory services to middle-market companies across America. With a thorough understanding of their clients’ industries and a keen sense of the economy, the Cassel Salpeter team provides independent, timely advice so clients can capitalize on a rapidly changing global environment. Headquartered in Miami, Florida, Cassel Salpeter is led by James Cassel and Scott Salpeter. Member FINRA and SIPC.

Rounding Out Veteran Team, Cassel Salpeter & Co. Welcomes New Analyst Francisco Belliard

Committed to providing world-class independent investment banking services to middle-market and emerging growth companies, Cassel Salpeter is pleased to announce the addition of up-and-coming financial professional Francisco Belliard, who joins the firm as an analyst. 

In this role, Francisco will bring his research, analytical, and critical thinking skills to assist the firm in its investment banking advisory services, including conducting valuations. 

“Delivering the best services to our clients requires a well-rounded team of veterans, as well as rising stars like Francisco who are capable of bringing financial industry acumen, impeccable analytical skills, and a fresh perspective to our work,” said President and Co-Founder Scott Salpeter. “Francisco already shows signs of being capable of bringing thoughtful analysis and new energy to our already proven and experienced team. We look forward to his contributions at Cassel Salpeter.”

FRANCISCO BELLIARD 

Prior to joining Cassel Salpeter, Francisco interned in the tax and legal division at KPMG Dominicana. Having graduated magna cum laude with a double major in international business and finance from Florida International University, he is a member of two academic honor societies: Beta Gamma Sigma and Tau Sigma. 

Click to learn more about Francisco

About Cassel Salpeter & Co., LLC
Cassel Salpeter & Co. is an investment banking firm with professionals who have more than forty years of financial experience. They deliver smart, straightforward advisory services to middle-market companies across America. With a thorough understanding of their clients’ industries and a keen sense of the economy, the Cassel Salpeter team provides independent, timely advice so clients can capitalize on a rapidly changing global environment. Headquartered in Miami, Florida, Cassel Salpeter is led by James Cassel and Scott Salpeter. Member FINRA and SIPC.

Cassel Salpeter & Co. Facilities Sale of Comprehensive Eye M.D. to Spectrum Vision Partners

Cassel Salpeter & Co., an independent investment banking firm that provides advice to middle-market companies in the U.S. and worldwide, represented Comprehensive Eye M.D., a highly regarded eye care specialist, in the company’s sale to Spectrum Vision Partners, LLC (Spectrum), an organization serving many of the top ophthalmology groups and ambulatory eye surgery centers in New York, New Jersey, Connecticut, and Pennsylvania, and a portfolio company of Blue Sea Capital, a private equity firm based in West Palm Beach, Florida.

“We are proud to have worked with Comprehensive Eye M.D., Dr. Marc Wietschner, and the Spectrum team. It took hard work, persistence, and expertise, but we found them the right partner to move forward within this transaction,” said Cassel Salpeter’s co-founder and chairman James Cassel.

Comprehensive Eye M.D.’s owner and founder Dr. Wietschner added: “We couldn’t be more thrilled to have teamed up with Cassel Salpeter. The expertise and professionalism shown by Cassel Salpeter in connection with this sale was second to none. They made the entire process as painless as possible, even through the difficulties brought on by the pandemic.”

The Cassel Salpeter team was led by co-founder and chairman James Cassel and Vice President Laura Salpeter. Comprehensive Eye M.D.’s attorneys were Douglas Menikheim, Benjamin Malerba, Scott Feuer, and Joseph DiBella of Rivkin Radler LLP, while Spectrum used David Manko, Peter Eggers, and Cyrus Abbassi of Proskauer Rose LLP as its legal counsel.

Cassel Salpeter would like to thank Greg Wappett of Spectrum, and Heidi Wietschner of Comprehensive Eye M.D. who worked diligently to expedite the transaction’s closing.

About Cassel Salpeter & Co., LLC
Cassel Salpeter & Co. is an investment banking firm with professionals who have more than forty years of financial experience. They deliver smart, straightforward advisory services to middle-market companies across America. With a thorough understanding of their clients’ industries and a keen sense of the economy, the Cassel Salpeter team provides independent, timely advice so clients can capitalize on a rapidly changing global environment. Headquartered in Miami, Florida, Cassel Salpeter is led by James Cassel and Scott Salpeter. Member FINRA and SIPC.

Cassel Salpeter & Co. Welcomes New Analyst Aaron Schiff to its Veteran Team

Committed to providing world-class independent investment banking services to middle-market and emerging growth companies, Cassel Salpeter is pleased to announce the addition of an up-and-coming and skilled professional, Aaron Schiff, who joins the firm as an analyst. 

In this role, Aaron will leverage his financial analysis and equity research expertise to assist with the firm’s M&A and advisory services. 

“A critical aspect of the work we do is to provide keen financial insight and  prudent analysis for our clients,” said chairman and co-founder James Cassel. “Aaron is a sharp, bright-minded team member who will do just that, and is a wonderful addition to our very experienced team. We look forward to the many great things he will contribute while at Cassel Salpeter.”

AARON SCHIFF 

Aaron earned dual bachelor’s degrees in finance and in international studies, summa cum laude, from Rowan University, where he also competed on the university’s NCAA varsity men’s swim team.

Click to learn more about Aaron

About Cassel Salpeter & Co., LLC
Cassel Salpeter & Co. is an investment banking firm with professionals who have more than forty years of financial experience. They deliver smart, straightforward advisory services to middle-market companies across America. With a thorough understanding of their clients’ industries and a keen sense of the economy, the Cassel Salpeter team provides independent, timely advice so clients can capitalize on a rapidly changing global environment. Headquartered in Miami, Florida, Cassel Salpeter is led by James Cassel and Scott Salpeter. Member FINRA and SIPC.

Cassel Salpeter & Co. Secures Debt Financing For Plantation Boat Mart & Marina, Inc.

Cassel Salpeter & Co., an independent investment banking firm that provides advice to middle market and emerging growth companies in the U.S. and worldwide, represented Plantation Boat Mart & Marina, Inc. (“Plantation”) in securing senior debt financing from Synovus Bank. The financing will support various recapitalization and growth initiatives. 

Plantation Boat Mart & Marina, Inc. operates as an independent, family owned boat dealership and marina. Founded in 1996 and based in Tavernier, Florida, Plantation is a dealer for Sea Hunt Boats, Deep Impact Boats, Invincible Boats, and Blackwater Boats. They also offer an excellent selection of quality pre-owned center console boats and yachts. Plantation’s parts and service department continues to grow and is now one of the most complete and largest departments in South Florida, with over 40,000 square feet under-roof. 

Plantation is proud to have achieved both Top 100 Dealer in North America and the National Marine Manufacturers Association’s 5-Star Certified Dealership status. Plantation is not just a boat dealership—but a way of life. The connectivity to their customers is long-standing and essential, as they return to Plantation year after year, purchase after purchase, to support their passionate lifestyle for boating. 

“Cassel Salpeter has years of experience helping middle-market businesses like Plantation raise capital, complete recapitalizations, and mergers and acquisitions,” said Cassel Salpeter Director Joseph “Joey” Smith, who led the assignment. In this instance, we helped Plantation in evaluating its financing options and assisted throughout the due diligence and closing process. Plantation’s Founder Elias De la Torre, Jr. added: “We are grateful for the expert guidance that Cassel Salpeter provided in connection with the transaction.”

Robert Gardana, Esq., Aldo Lastra, Jr. CPA, and Anita Aedo, Senior Vice President & Director of Middle-Market Banking at Synovus Bank, also worked diligently to expedite the transaction’s closing.

About Cassel Salpeter & Co., LLC
Cassel Salpeter & Co. is an investment banking firm with professionals who have more than forty years of financial experience. They deliver smart, straightforward advisory services to middle-market companies across America. With a thorough understanding of their clients’ industries and a keen sense of the economy, the Cassel Salpeter team provides independent, timely advice so clients can capitalize on a rapidly changing global environment. Headquartered in Miami, Florida, Cassel Salpeter is led by James Cassel and Scott Salpeter. Member FINRA and SIPC.

Cassel Salpeter & Co. Recognized in Winner’s Circle at 12th Annual Turnaround Atlas Awards

Cassel Salpeter & Co., an independent investment banking firm that provides advice to middle-market and emerging growth companies in the U.S. and worldwide, is pleased to have been named among the winners of the 12th annual Turnaround Atlas Awards, one of the most prestigious awards bestowed in the global restructuring, insolvency, and distressed investing sectors.

 

Cassel Salpeter was recognized as the winner of the Cross Border Special Situation M&A Deal of the Year (Value Below $50 Million) as a result of the firm’s role as investment banker to Achaogen in its bankruptcy sale of the global assets, excluding Greater China, related to ZEMDRI® (plazomicin) to Cipla, the Greater China assets related to plazomicin to Xuanzhu Biopharmaceutical, and additional intellectual property and equipment assets to other buyers.

 

“We are honored to receive this award and our entire team is pleased to receive recognition for the tireless work they put into the deal on behalf of our clients,” said Philip Cassel, a managing director at the investment banking firm. “Each and every opportunity we take on as a firm receives our full attention and the utmost devotion. This deal was another great example of that hard work paying off.”

 

Cassel Salpeter worked closely on the transaction with Meru, the debtor’s financial advisor, Hogan Lovells, the debtor’s counsel, and Morris, Nichols, Arsht & Tunnell, the debtor’s co-counsel.

 

Cassel Salpeter & Co. Facilitates Sale of Opis Senior Services Group to Citadel Care Centers

Cassel Salpeter & Co., an independent investment banking firm that provides advice to middle market and emerging growth companies in the U.S. and worldwide, today announced it has successfully facilitated the sale of Opis Senior Services Group, one of Florida’s leading providers of long-term and post-acute care, comprised of 10 skilled nursing facilities, an assisted living facility, comprehensive rehabilitation, advanced practitioner services and community-based services in locations throughout Central Florida. The strategic buyer was Citadel Care Centers, which provides a comprehensive roster of services and premium level of healthcare in caring, compassionate, and cheerful environments. Cassel Salpeter advised Opis Senior Services in the transaction.

Opis approached Cassel Salpeter to assist them in finding a suitable buyer during very difficult times. It was a complicated situation given the ongoing coronavirus pandemic and its impact on the facilities. Opis prioritized finding a buyer that would carry on its long tradition of quality care and its reputation as one of the premier operators in the country. Cassel Salpeter identified Citadel Care Centers as the optimal candidate to carry the legacy forward. Citadel already 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.

“In spite of all the challenges presented by COVID-19, Cassel Salpeter worked tirelessly to adapt to these changes and continue to provide exceptional solutions for our client,” said James S. Cassel, chairman and cofounder of the investment banking firm. “With the sale to Citadel Care Centers, Opis Senior Services Group have found a knowledgeable buyer aware of the value and importance of the services Opis provides to its patients, and one that will continue and expand upon the seller’s mission.”

The Cassel Salpeter deal team was Chairman James Cassel, Managing Director Philip Cassel, Vice President Laura Salpeter, and Associate Edward Kropf. The legal team for Opis was Paul Singerman, Phyllis Bean, Michael Levinson, and Christopher Jarvinen of Berger Singerman LLP. Salvatore Cuccia of SDC & Associates, Inc. acted as advisor to the company. Bryan Rotella of GenCo Legal, Eric Boyer of Quintairos, Prieto, Wood & Boyer, P.A., and Stephen Grave de Peralta of PG Law acted as the company’s outside legal counsel. The lawyers for Citadel were Aaron Rokach and Adam Kornblatt of Gutnicki LLP.

About Cassel Salpeter & Co.

Cassel Salpeter & Co. LLC is an independent investment banking firm that provides advice to middle market and emerging growth companies in the U.S. and worldwide. Together, the firm’s professionals have more than 50 years of experience providing private and public companies with a broad spectrum of investment banking and financial advisory services, including: mergers and acquisitions; equity and debt capital raises; fairness and solvency opinions; valuations; and restructurings, such as 363 sales and plans of reorganization. Cofounded by James Cassel and Scott Salpeter, the firm provides objective, unbiased, results-focused services that clients need to achieve their goals. Personally involved at every stage of all engagements, the firm’s senior partners have forged relationships and completed hundreds of transactions and assignments nationwide. The firm’s headquarters are in Miami. Member FINRA and SIPC. More information is available at www.CasselSalpeter.com

Cassel Salpeter Aviation Update – 737 Max

With 737 Max Cleared for Takeoff and Covid Vaccine on Horizon, Aviation Industry Slowly on the Verge of U-Shaped Recovery

On November 18th, U.S. regulators (FAA) ruled that the Boeing 737 Max can resume commercial flights with an extensive package of fixes, ending a damaging 20-month hiatus prompted by a pair of fatal crashes. The aircraft’s return will not end the controversy or provide a cash infusion for the company’s suffering bottom line, but it does appear to, in the words of Winston Churchill, at least be the end of the beginning. Following the FAA ruling, various global regulators are expected to follow suit in the coming months.

This is a major milestone for Boeing and an inflection point for the company, though the COVID-19 pandemic has devastated the airline industry, pressuring airlines and lessors to cancel orders for the 737 Max and foiling Boeing’s plans to quickly reverse its losses. The Max’s comeback will be gradual, as it will not fly for some months. Airlines must first train pilots, inspect the jets emerging from long-term desert storage, and complete the FAA’s required repairs before placing the aircraft back into fleet service.

The FAA action is only the first step in certifying 59 airlines/carriers (32 countries) to operate the 387 grounded planes. The FAA orders cover only US domestic flights for the 737 Max jets operated by American, United, and Southwest Airlines; 72 in total. Of the U.S. operators, only American Airlines (AA) has put the Max jets back into its schedule, with flights beginning Dec. 29th on one route: Miami to New York. Flights to or within other countries will need the approval of those individual aviation authorities.

For context, 450 737 Max jets have been built, but not delivered, amounting to billions of dollars in inventory that Boeing hopes to be able to start turning into cash. Bloomberg News reports that nearly a quarter of those 450 Max jets in storage are “white tails,” or planes whose original buyers have backed out, leaving their tails unmarked by airline logos. In total, more than 1,000 Max jet orders have been canceled this year. Additionally, there are about 1,500 single-aisle passenger jets parked by airlines around the world, according to Ascend by Cirium, a research firm that tracks plane usage. That number does not include the grounded 737 Max jets, yet the plane represents more than 25% of the single-aisle planes worldwide since the pandemic broke out.

Boeing’s chief rival Airbus has not been immune to the fallout from the global pandemic, but the fact that its planes were not grounded made it comparatively harder for airlines to abandon their orders. In fact, Airbus has told its suppliers to be ready to ramp up production on its A320neo family of jets to 47-a-month by the second half of 2021, compared to 40 currently. Airbus had 11 new orders in October across its portfolio, compared to zero at Boeing. The narrow-body jet market is expected to recover faster from the pandemic because the planes are primarily used on shorter-haul flights. As of the end of Q3 2020, Airbus had a commanding 64% share of that market, according to Vertical Research Partners analyst Rob Stallard.

For Boeing, which faces at least $20 billion in Max-related costs, the crisis has become one of the worst in the company’s century-long history. Now, with the collapse in air travel, airlines that had been clamoring for the more efficient Boeing jets (15% more fuel efficient) suddenly are fighting for survival and looking to postpone deliveries. Boeing executives warned last month that the company will burn more cash than it generates until 2022, and that it will take at least a year beyond that to clear the mothballed Max aircraft out of its inventory. The bottom line is that the industry is slowly on the verge of a U-shaped recovery, which will be much needed for the airlines and its related ecosystem of suppliers, MRO (repair shops), distributors, and other players, in this critical sector of the US and global economy.

Cassel Salpeter & Co. Facilitates Sale of Westchester General Hospital to Keralty

Cassel Salpeter & Co., an independent investment banking firm that provides advice to middle-market and emerging growth companies in the U.S. and worldwide, announced it acted as exclusive financial advisor to Westchester General Hospital located in Miami, Fl, in connection with its sale to Sanitas USA, Inc. a subsidiary of Keralty SAS, an international health enterprise leader in patient-centered care and health outcomes in operation for over 50 years in seven countries. Cassel Salpeter led the search for the buyer and worked to ensure the transaction was seamless and successful.

When Westchester General Hospital expressed interest in selling the hospital and the property it occupies, Cassel Salpeter utilized its extensive network in the healthcare industry to raise awareness of the opportunity and find a suitable buyer for the hospital. Keralty, under the Sanitas Medical Centers’ name, soon emerged as the purchaser of the hospital, and the parties were able to successfully complete the transaction. 

“We’re proud to have been able to work with Westchester General Hospital and the family that owned it to find an appropriate buyer for the hospital, one that shares the same commitment to serve the community and provide state of-the-art, expert healthcare,” said James S. Cassel, Cassel Salpeter Chairman and Co-founder. “With its Sanitas Medical Centers, Keralty has built a dependable network of health centers, and this acquisition will allow them to expand their network, services, and commitment to serving the community.” 

The sale includes both the 78,000 square foot acute care hospital with 125 beds, inclusive of a 27 bed psychiatric unit, as well as the land surrounding it.  Keralty intends to retain the approximate 570 staff currently employed at the hospital, and the hospital will continue to provide the community with 

emergency services, intensive care, and all other services it does presently. 

The Cassel Salpeter team was led by Chairman and Co-founder James S. Cassel and Vice President Laura Salpeter, with the assistance of Associate Julian Astrove. 

“We are thankful for the help of Cassel Salpeter in working with us to find a suitable buyer that would continue the hospital’s mission of providing invaluable services to our community which our family has done for over 50 years,” said Dr. Gregory Fox of Westchester General Hospital. “James, Laura, Julian, and the rest of the team at Cassel Salpeter worked tirelessly to find viable opportunities for us and were crucial throughout every stage of the deal.” 

Cassel Salpeter also thanks Gary Davis and Sam Goodman of McDermott Will & Emory for serving as the legal advisor for Westchester General Hospital, as well as, Carol Barnhart and Anthony Fernandez of Greenberg Traurig for their role as legal advisor to Keralty. 

About Cassel Salpeter & Co., LLC
Cassel Salpeter & Co. is an investment banking firm with professionals who have more than forty years of financial experience. They deliver smart, straightforward advisory services to middle-market companies across America. With a thorough understanding of their clients’ industries and a keen sense of the economy, the Cassel Salpeter team provides independent, timely advice so clients can capitalize on a rapidly changing global environment. Headquartered in Miami, Florida, Cassel Salpeter is led by James Cassel and Scott Salpeter. Member FINRA and SIPC.