Cassel Salpeter Advises Paramount Consulting & Engineering in Strategic Partnership with Certerra

MIAMI – June 4, 2026 –Cassel Salpeter & Co. (“Cassel Salpeter”), an independent investment banking firm that provides advisory services to middle-market and emerging growth companies in the United States and worldwide, announced that it served as financial advisor to Paramount Consulting & Engineering, LLC (“Paramount”) in its strategic partnership with Certerra, a portfolio company of OceanSound Partners, LP (“OceanSound”).

The transaction positions Paramount to expand its operations nationwide while strengthening Certerra’s presence in the South Florida market.

Paramount, founded and led by former Chief Executive Officer Cesar Soto, provides forensic engineering and building envelope consulting services for projects ranging from high-end residential homes to large commercial and high-rise developments. The firm has grown rapidly in recent years, expanding to more than 100 employees and building a strong reputation for quality work and technical expertise across the state of Florida.

Certerra, backed by OceanSound, is an engineering and consulting platform focused on delivering specialized services across infrastructure and the built environment. The addition of Paramount strengthens Certerra’s capabilities in building envelope engineering and expands its geographic footprint in Florida and beyond.

“We are pleased to have advised Paramount and Cesar on this partnership with Certerra,” said Cassel Salpeter Managing Director Philip Cassel. “Cesar has built a remarkable business, with a loyal team and a reputation for delivering high-quality work. I believe this will be a great partnership, providing Cesar and his team with a national platform to build upon; I see no limit to the growth these two exceptional groups can do together.”

“This partnership marks an exciting next chapter for our company,” said Cesar Soto, Founder and former Chief Executive Officer of Paramount. “We have built our business around delivering the highest quality service and building a strong, dedicated team and joining Certerra gives us the ability to expand our capabilities and bring our expertise to projects across the United States.” Cesar continued, “Phil and the Cassel Salpeter team worked tirelessly to protect my interests in the deal and get the best results, while allowing the Paramount team to focus on running the business. This would not have been possible without their guidance and support throughout the process.”

“We are excited to welcome Paramount and its talented team to the Certerra platform; Cesar and his team have built a strong and respected engineering practice, and we see significant opportunity to grow the business together,” said Ed Lyon, Chief Executive Officer of Certerra. “Having the Cassel Salpeter team by Cesar’s side allowed us to move through the process diligently and smoothly, working collaboratively to achieve this great outcome.”

The Cassel Salpeter deal team was led by Managing Director Philip Cassel, with assistance from Vice President Marcus Wai and Senior Associate Charles Davis.

The Paramount team was led by Cesar Soto, with assistance from Michael Soto, Tiffany Savinon, Ilene Kornblum, and Marlon Rizo. Brian Levy, Kayla Herrin, and Sam Sherman of J2 Advisors, served as counsel for Paramount; and Fernando Miranda and Santiago Estrada of Kaufman, Rossin & Co., provided the quality of earnings report and additional financial support.

The Certerra team was led by Ed Lyon, with assistance from Guillaume Gau, Cody Gallarda, Jonathan Steitz, and Brendan Reddinger, along with Addison Nordin, Rishi Khandheria, and Sophie Peretz from the OceanSound investment team.

Sarah Wilk, Maan Sangid, and David Ivancovich of Womble Bond Dickinson LLP, served as counsel for the buyer, along with Jeff Stine and Vino Paramanantham of BDO, for buyer financial due diligence.

About Cassel Salpeter & Co.:
Cassel Salpeter & Co. LLC is an independent investment banking firm providing advice to middle market and emerging growth companies in the United States and worldwide. The firm’s professionals have more than 150 years of combined experience advising private and public companies on a broad range of investment banking and financial advisory services, including mergers and acquisitions; equity and debt capital raises; fairness and solvency opinions; valuations; and restructurings, including 363 sales and plans of reorganization.
Cofounded by James S. Cassel and Scott Salpeter, the firm provides objective, unbiased, results-focused services grounded in rigorous analysis and transaction-specific insight aligned with each client’s objectives. The firm’s partners are personally involved at every stage of each engagement and have built long-standing relationships and completed hundreds of transactions and assignments nationwide.
The firm’s headquarters are in Miami. Member FINRA and SIPC.

Cassel Salpeter Advises in Landmark Chapter 11 Sale of Nicklaus Companies

MIAMI – April 23, 2026 – Cassel Salpeter & Co. is proud to have served as the investment banker to Nicklaus Companies in its Chapter 11 reorganization, leading the global marketing and sale of the Debtor’s assets.

The process culminated in a $35.7 million bankruptcy auction victory for 20 Majors LLC, a company affiliated with golf legend Jack Nicklaus, TWG Global, and Nicklaus Brown & Co. TWG Global is a multinational investment holding company led by Guggenheim Partners co-founder and Los Angeles Dodgers and Lakers owner Mark Walter. Nicklaus Brown & Co. is a family office led by Gary Nicklaus and Rory Brown. On March 9, 2026, the sale was approved by the U.S. Bankruptcy Court for the District of Delaware.

This historic outcome allows Jack Nicklaus to regain ownership of his eponymous brand and the iconic Golden Bear trademark after nearly 20 years. As recently featured in the South Florida Business Journal, this transaction successfully resolved complex litigation and paved the way for the company’s future across golf course design, residential communities, and lifestyle products.

“This was not a typical bankruptcy. Through a competitive, multi-day auction, and with Cassel Salpeter’s substantial efforts, control of the company’s trademarks and intellectual property returns to the Nicklaus family – reuniting the brand and business, ending years of litigation, and securing the legacy for the next generation,” said Philip Cassel, Managing Director, Cassel Salpeter & Co.

A Gulfstream G-V aircraft owned by the Debtor was also sold as part of the bankruptcy auction, for over $7.35 million.

At Cassel Salpeter, we specialize in navigating intricate restructurings and distressed asset sales to maximize value and achieve strategic resolutions for our clients. We are honored to have played a role in this “full circle” moment for one of the world’s most recognizable brands.

The Cassel Salpeter deal team was led by Managing Director Philip Cassel and Chairman James S. Cassel, with assistance from Director Joseph “Joey” Smith, Senior Associate Edward Kropf, Senior Associate Charles Davis, and Analyst Mason Waldron.

Weil, Gotshal & Manges LLP and Richards, Layton & Finger, PA served as legal advisors to the Debtor. The Weil team was led by David J. Cohen, Steve Argeris, Mariel Cruz, and Brian Liegel, supported by Daphne Papadatos, Phil DiDonato, Joseph Erdos, Zane Mitchell, and Jeffrey Fu. The Richards Layton team was led by Zachary Shapiro, supported by James McCauley.

Alvarez & Marsal North America, LLC served as financial advisor to the Debtor. The Alvarez team was led by Richard Wu and Chris Sullivan, supported by Mason Stage.

Raymond James & Associates, Inc., Morris, Nichols, Arsht & Tunnell LLP, and Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. advised the acquirers, led by Geoffrey Richards, Curtis Miller, and Gene Stearns, respectively.

Cassel Salpeter Advises Intermark Foods, Inc. in Strategic Partnership with Apex Capital

MIAMI – April 15, 2026 – Cassel Salpeter & Co., LLC (“Cassel Salpeter”), an independent investment banking firm that provides advisory services to middle-market and emerging growth companies in the United States and worldwide, served as financial advisor to Intermark Foods Inc. DBA El Latino Foods in a strategic partnership with Apex Capital.

Providing additional operational resources and capabilities, the partnership positions El Latino to accelerate expansion of its products into additional markets across the United States while maintaining continuity of leadership and operations and preserving the culture, values, and customer relationships that have defined the brand’s success.

“We are proud to have supported El Latino through the transaction and help to navigate such a significant milestone in the company’s continued growth and success,” said Cassel Salpeter Chairman James S. Cassel. “Maria Elena Ibañez has grown El Latino into a successful legacy brand, with deep roots in South Florida. Her partnership with Apex Capital will enable the company’s strategic growth objectives for long-term success.”

“From start to finish, Cassel Salpeter was invaluable in navigating this partnership. Jim and Laura’s expertise, responsiveness, and ability to anticipate challenges with precision exceeded my expectations,” said María Elena Ibañez, President of Intermark Foods, Inc. “Their hands-on approach and commitment were instrumental in this successful outcome.”

The Cassel Salpeter deal team was led by Chairman James S. Cassel and Director Laura Salpeter, with assistance from Senior Associate Edward Kropf.

Partner Zac Soto and Associate Tony Bell of PAG.law PLLC served as legal counsel to Intermark Foods, Inc.

Associate Ellen Price and Associate Jose Cardelle of Holland & Knight represented the lender, Synovus Bank.

About Cassel Salpeter & Co.:

Cassel Salpeter & Co. LLC is an independent investment banking firm providing advice to middle market and emerging growth companies in the United States and worldwide. The firm’s professionals have more than 150 years of combined experience advising private and public companies on a broad range of investment banking and financial advisory services, including mergers and acquisitions; equity and debt capital raises; fairness and solvency opinions; valuations; and restructurings, including 363 sales and plans of reorganization.

Co-founded by James S. Cassel and Scott Salpeter, the firm provides objective, unbiased, results-focused services grounded in rigorous analysis and transaction-specific insight aligned with each client’s objectives. The firm’s partners are personally involved at every stage of each engagement and have built long-standing 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 Advises Coral Terrace Hospital in Acquisition of Westchester General Hospital from Sanitas USA

MIAMI – April 7, 2026 – Cassel Salpeter & Co. (“Cassel Salpeter”), an independent investment banking firm that provides advisory services to middle-market and emerging growth companies in the United States and worldwide, announced that it served as financial advisor to Coral Terrace Hospital, LLC in its acquisition of Westchester General Hospital, Inc., doing business as Keralty Hospital, from Sanitas USA, Inc. The transaction included the acquisition of the hospital and associated land in Miami, Fla.

Westchester General Hospital, located in Miami, Fla., is a community-based acute care hospital providing a comprehensive range of medical services, including emergency care, surgical services, and specialized treatment programs. Serving the South Florida community for decades, the hospital has built a strong reputation for accessible, patient-centered care.

Cassel Salpeter acted as investment banker to Coral Terrace Hospital, LLC, throughout a multi-year process, supporting the evaluation, structuring, and execution of the transaction.

“We are proud to have guided this hospital full-circle, having advised on its sale in 2020 and now supporting its acquisition by Coral Terrace Hospital,” said Cassel Salpeter Chairman James Cassel. “This transaction preserves a vital community hospital that has long been a heartbeat in South Florida. By acquiring both the operations and the associated property, Coral Terrace Hospital gains flexibility to grow in the healthcare market, while ensuring the hospital’s legacy continues to serve the local community for years to come.”

The Cassel Salpeter deal team was led by Chairman James S. Cassel and Director Laura Salpeter, with assistance from Senior Associate Edward Kropf.

The Coral Terrace Hospital team was led by Principals Ben Philipson and Leo Friedman.

The Sanitas team was led by Global Chief Executive Officer Sergio Martinez, Hospital Chief Executive Officer Juan Carlos Echandia Bautista, Chief Legal Counsel Guillermo De Lorenzo, and General Counsel Adriana Rivera-Montoya.

The Garfunkel Wild team, counsel to Coral Terrace, was led by Partners Andrew Schulson and Susan St. John.

The Greenberg Traurig team, counsel to Sanitas, was led by Shareholders Carol Barnhart and Anthony Fernandez.

About Cassel Salpeter & Co.:

Cassel Salpeter & Co. LLC is an independent investment banking firm providing advice to middle market and emerging growth companies in the United States and worldwide. The firm’s professionals have more than 150 years of combined experience advising private and public companies on a broad range of investment banking and financial advisory services, including mergers and acquisitions; equity and debt capital raises; fairness and solvency opinions; valuations; and restructurings, including 363 sales and plans of reorganization.

Cofounded by James S. Cassel and Scott Salpeter, the firm provides objective, unbiased, results-focused services grounded in rigorous analysis and transaction-specific insight aligned with each client’s objectives. The firm’s partners are personally involved at every stage of each engagement and have built long-standing 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.

Editor’s note: Interviews available upon request.

MEDIA CONTACT:
Julia Wakefield
Roar Media
jwakefield@roarmedia.com
(305) 962-0736

End of Year Round-Up 2025

With over a decade of providing superior investment banking and financial advisory services, Cassel Salpeter & Co. remains committed to leveraging our market knowledge and proven expertise and experience to benefit our clients, relationships, and associates with successful outcomes.

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Cassel Salpeter Facilitates Reorganization of Eco-Friendly Air Freshener Company Enviroscent Through Chapter 11 Plan

MIAMI – August 26, 2025 – The special situations practice group of Cassel Salpeter & Co. (“Cassel Salpeter”), an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, announced that it has successfully assisted in facilitating the reorganization of Enviroscent, Inc. (“Enviroscent”), an eco-friendly air freshener company, through a plan of reorganization under a  Chapter 11 bankruptcy proceeding in the U.S. Bankruptcy Court for the Northern District of Georgia.

Headquartered in Atlanta, Georgia, Enviroscent develops and manufactures eco-friendly branded and private label air freshening products sold to consumers via omnichannel and subscription-based offerings. Enviroscent’s patented technology enables the consistent distribution of fragrance without the use of toxic chemicals.

Enviroscent filed for Chapter 11 bankruptcy protection in December 2024 and Cassel Salpeter was engaged by the Debtor to assist in exploring strategic alternatives. Ultimately, the best outcome for the estate was filing a plan of reorganization which allows the company to continue operations, restructure its balance sheet, and return to its former growth trajectory via distribution and licensing opportunities and products under development.

The Cassel Salpeter team was led by Managing Director Philip Cassel, with the assistance of Director Laura Salpeter and Senior Associate Edward Kropf.

The Enviroscent team was led by CEO Kevin Coen with the assistance of CFO Yogi Pai. Cameron McCord of Jones & Walden LLC served as counsel for the debtor.

Cassel Salpeter Facilitates Chapter 11 Sale of Restaurant Chain PLANTA 

MIAMI – August 26, 2025 – The special situations practice group of Cassel Salpeter & Co. (“Cassel Salpeter”), an independent investment banking firm that provides advisory services to middle market and emerging growth companies, announced that it has successfully facilitated the sale of substantially all of the assets of CHG US Holdings LLC, parent company of restaurant chain PLANTA, to New CHG US Holdings, LLC, a newly formed entity affiliated with Anchorage Capital Group. The sale was effectuated through a Chapter 11 Section 363 process in the U.S. Bankruptcy Court for the District of Delaware.

Founded in Toronto in 2016, PLANTA is a premier operator of upscale, full-service plant-based restaurants across high-profile locations in the United States and Canada. Operating under a portfolio of multiple concepts, including PLANTA Global, PLANTA Queen, and PLANTA Cocina, the brand is recognized for its vegan cuisine, luxurious décor and seating, and vibrant bar programs, with liquor licenses secured at each location. PLANTA elected to file for protection under Chapter 11 of the U.S. Bankruptcy Code in the District of Delaware in May of 2025.

Cassel Salpeter was retained by PLANTA to lead an accelerated post-petition marketing process, targeting a broad spectrum of potential strategic and financial buyers. The process generated strong interest from multiple parties, culminating in the selection of a bid received by New CHG US Holdings, LLC,which was determined to offer the best outcome to maximize value for stakeholders and ensure business continuity.  As a result of the successful restructuring, eight locations across North America will remain in operation. Additionally, Cassel Salpeter facilitated the sale of ancillary assets, including a newly issued liquor license and lease rights for one location.

The Cassel Salpeter team was led by Chairman James Cassel and Managing Director Philip Cassel, with the assistance of Director Laura Salpeter, Senior Associate Edward Kropf and Associate Charles Davis.

The PLANTA team was led by Steven Salm.Joseph C. Barsalona II, Michael J. Custer and Katherine Beilin of Pashman Stein Walder Hayden P.C.served as counsel for the debtor. Wen Rittsteuer, Alex Cariveau and Logan Brinks of NOVO Advisorsserved as financial advisors to the debtor, with Rittsteuer serving as Chief Restructuring Office of CHG US Holdings LLC.

The committee of unsecured creditors was represented by Peter Hurwitz, Lee Rooney and Jack Poynter of Dundon Advisers LLC as financial advisors. Gianfranco Finizio, Kelly E. Moynihan and Carolyn M. Gauvin of Lowenstein Sandler LLP and Christopher M. Samis, Aaron H. Stulman and Maria Kotsiras of Potter Anderson & Corroon LLP served as counsel for the unsecured creditors.

Cassel Salpeter Facilitates Sale of Sunbelt Health to Unified Health Services

MIAMI – March 21, 2025– Cassel Salpeter & Co. (“Cassel Salpeter”), an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, announced that it has successfully facilitated the sale of Sunbelt Medical Financial LLC (“Sunbelt Health”), a provider of outsourced healthcare receivables management and revenue cycle management (“RCM”) services, to Unified Health Services, L.L.C. (“UHS”), a portfolio company of Reynolda Equity Partners (“Reynolda”).

Headquartered in Fort Lauderdale, Fla., Sunbelt Health is a specialty healthcare receivables management company with more than 30 years of experience in collecting complex and international claims on behalf of its healthcare provider clients. The company works with hospitals, clinics, physicians, and health systems to facilitate and expedite payments from both third-party payors and self-pay patients.

Based in Memphis, Tenn., UHS provides end-to-end RCM services to hospitals, surgery centers, and health systems. The company specializes in managing workers’ compensation claims and offers solutions that enhance workflows, eliminate inefficiencies, and maximize reimbursement from complex claims.

“We’re thrilled to have successfully facilitated this strategic transaction between Sunbelt Health and UHS,” said Cassel Salpeter Chairman James Cassel. “The complementary strengths of both organizations create a compelling opportunity in the complex claims management space. This partnership positions the combined entity for enhanced growth and expanded service capabilities, delivering greater value to healthcare providers and the complex claims management industry.”

“We are delighted to see Sunbelt Health become a part of the UHS and Reynolda family of companies because of both the strong cultural and strategic fit between the organizations. We were impressed by the depth and breadth of the buyers’ due diligence and benefited greatly from the support of the Cassel Salpeter team throughout the process,” said previous owner, Jon Gordon of Palladian Capital Partners.

“We are looking forward to working together with UHS. This partnership marks an important new chapter for Sunbelt Health, allowing us to combine our deep expertise in international health claims resolution with UHS’s industry-leading capabilities in workers’ compensation health claims. Together, we will enhance our ability to provide comprehensive complex receivables management solutions to our clients, while continuing our commitment to excellence in service and innovation. We also extend our sincere appreciation to our investment banking partner, Cassel Salpeter, whose guidance and expertise have been instrumental in facilitating this exciting new chapter for Sunbelt Health” said David Agarth, CEO of Sunbelt Health.

Cassel led the Cassel Salpeter team with the assistance of Senior Associate Edward Kropf, Analyst Cody Evans, and external advisor Will Fleming of Chimney Trail Partners.

The Sunbelt Health team was led by Agarth, with assistance from Kenneth Esbin, Jessica Blake, Kathryn Cook, and Victor Mehra, and support from owner Gordon.

Edward Stevenson, Michelle Delaney, and Fady Shenouda of Chiesa Shahinian & Giantomasi PC, served as counsel for Sunbelt Health.

Michael Reece and Trey Hensley of UHS, along with Scott Snow and Cam Mulhall of Reynolda Equity Partners, served as the investment team.

Brian Mesibov, Seth Walker, Natalie Hilmandolar, John Evans, Whitney Engen, Alexis Roeber, and Emily Mann of Moore & Van Allen, served as counsel for the UHS and Reynolda team.

End of Year Round-Up 2024

With over a decade of providing superior investment banking and financial advisory services, Cassel Salpeter & Co. remains committed to leveraging our market knowledge and proven expertise and experience to benefit our clients, relationships, and associates with successful outcomes.

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With Continuation Funds on the Rise, We Are Here To Help

Thinking of doing a continuation fund? Let us help with the fairness or valuation opinion.

Cassel Salpeter is a market leader in providing fairness opinions and valuation opinions, including providing various fairness opinions and valuations in connection with a continuation fund. Our advisory services team provides high quality and defendable deliverables to executives, boards, committee members, PE funds and their GPs, to fund advisory committees, owners and other interested parties in a variety of contexts and situations and have issued over 225 fairness or solvency opinions on transactions ranging from simple acquisitions, related party transactions, and sales to highly complex transactions. In addition, our team has completed over 675 valuation assignments covering a broad range of valuation services and requirements.

What was once seen as a path for tradability for an underperforming or difficult-to-exit portfolio company because of poor timing, has now become an increasingly attractive way to manage and extend the profitability of a fund’s best performing portfolio companies, while giving the LPs a liquidity opportunity.

continuation funds on the rise

A continuation fund is an alternative to a more traditional exit which involves a private equity fund selling one or more portfolio companies to a newly formed continuation fund that is formed for the purpose of acquiring or retaining these companies to be managed by the same sponsor. This trend is attributable to several factors, including the slowdown in the M&A and IPO market (reducing traditional exit opportunities), lower valuations, and the rise in the average holding period of portfolio companies in the United States, which has increased to 6.4 years, up materially from 5.1 years in 2021, according to PitchBook.

A continuation fund can provide a liquidity event for the limited partner investors in the original fund, but also offers the ability to not sell at what the GP might believe is an inopportune time. The formation of a continuation fund enables sponsors to keep well performing investments with additional valuation potential, while providing time for underperforming investments to stabilize or increase in value before an exit and gives the limited partners the opportunity to either roll over their equity or the option to sell their interest.

The increase in these fund-level affiliate transactions, which is estimated to have more than doubled as a percentage of overall sponsor-backed exits from 2020 to 2023, from 5% to 12%, according to Jefferies’ Global Secondary Market Review, presents challenges related to potential conflicts of interest. Primarily, private equity firms sit on both sides (buy and sell) of the transaction. As continuation funds have grown in popularity over recent years, the path forward, strategy, legal requirements, and diligence have evolved alongside the growth. Cassel Salpeter can help navigate these nuances.

In 2023, the SEC and ILPA issued new rules and guidance with the purpose of increasing transparency and ensuring processes are in place to limit inherent conflicts of interest. These mitigation methods include a requirement that a fairness or valuation opinion be obtained in connection with GP-led continuation fund transactions.

A fairness opinion is often considered the preferred financial opinion standard because it directly addresses the consideration to be received by a specific selling party (or to be paid by a specific buying party) in a transaction. A valuation opinion is conducted with a similar process and level of rigor as a fairness opinion but affords additional flexibility as to the securities or asset(s) addressed by such valuation conclusions.

Under the new regulations, these opinions are now required to be part of the corporate governance utilized in continuation fund transactions. By standardizing the use of valuation and fairness opinions, these regulations not only bolster investor confidence, but also promote ethical conduct within the industry. These consistent and transparent procedures facilitate the protection for both general and limited partners.

Cassel Salpeter monitors changing regulations and remains current with guidance and best practices recommended and used by the industry. We pride ourselves for understanding and respecting the process and specific needs of each client and situation. We are here to help. Contact our team members if you have any questions or if we can assist you in the process.

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