End of Year Round-Up 2023

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.

Cassel Salpeter & Co. Advises in Sale of Premier Life Safety Solutions Provider SLS Consulting, LLC, to SOCOTEC USA

MIAMI – Dec. 18, 2023 – 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, today announced that it has successfully facilitated the sale of industry leader SLS Consulting, LLC (“SLS”), which delivers creative and critical life and fire safety solutions, in its sale to SOCOTEC USA (“SOCOTEC”).

Based in Coral Gables, Fla., SLS is a provider of fire protection and life safety services, including code consulting, accessibility, smoke control, emergency management planning, construction project management planning, construction project management, code required inspections, litigation support and other compliance solutions. With a deep, experienced management team, led by founder Michael Sheehan, and operations in Miami, Boston, Atlanta and New York City, SLS delivers innovative fire and life safety solutions to both new and existing buildings.

Headquartered in New York, N.Y., SOCOTEC is a leading provider of testing, inspection and certification (“TIC”), consulting and advisory services. SOCOTEC is a major TIC operator for the building and infrastructure sectors and has established its reputation as an independent and trusted partner, assisting companies in the areas of quality, sustainability and employee and environmental safety.

The acquisition of SLS will strengthen SOCOTEC’s code compliance and planning presence and lead to the formation of the SOCOTEC Life Safety division, with Michael Sheehan serving as president. The SLS team will increase SOCOTEC’s ability to deliver inspections, testing and construction period services within fire protection, life safety and accessibility consulting.

“Michael has built an amazing team and business that I have watched grow over the years, positioning SLS to become a national player,” said Philip Cassel, managing director and partner of Cassel Salpeter who led the deal team. “I believe SOCOTEC is the perfect partner to help SLS fulfill this goal and maximize each group’s strengths. I truly enjoyed working with Michael throughout this process and I am excited to see him continue to achieve great things in the future.”

“The Cassel Salpeter team was critical in establishing this partnership with SOCOTEC,” said Michael Sheehan, founder and chief executive officer of SLS Consulting. “Phil took the time to understand our business needs and goals and was extremely thoughtful regarding all parts of the deal. The Cassel Salpeter team went above and beyond, exceeding expectations, and set SLS and SOCOTEC up for a strong new partnership and a promising future.”

Tahz Rashid was also part of the Cassel Salpeter team that guided SLS through the transaction.

Other professionals who assisted in executing the transaction include William Hill, Robert White, Scott Coffey and Cole Jackson of Gunster LLP, counsel to the seller, as well as Robert Glick, Ian Goldberger, Fernando Miranda and Einat Laver of Kaufman Rossin & Co., providing transaction advisory services to the seller. Alex Plakas, Neil Connolly and Jenna Mason of DLA Piper LLP U.S. were legal counsel to the buyer.

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

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Editor’s note: Interviews available upon request.

Cassel Salpeter & Co. Facilitates Sale of Athenex Generic Injectable Assets to Sagent Pharmaceuticals in Global Biotech Firm’s Ch. 11 Bankruptcy

MIAMI – Dec. 11, 2023 Cassel Salpeter & Co., an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, today announced that it has successfully facilitated the sale of certain assets of Athenex, Inc. (“Athenex”), a broadly diversified global biopharmaceutical company. 

Assets related to the generic injectable business were sold to Sagent Pharmaceuticals, Inc. (“Sagent Pharmaceuticals”), a developer and manufacturer of specialty injectable pharmaceuticals. Accounts receivable related to the generic injectables business were sold to Oaktree Capital Management, LP. Assets related to the Orascovery oral cancer therapy platform were sold to C-MER Specialty Group Limited (HKG:03309).  

Athenex was dedicated to the discovery, development and commercialization of novel therapies for the treatment of cancer and operated a specialty pharmaceuticals business (“APD”) that sourced products through licensing agreements with global partners. The APD division marketed generic injectables in vials, bags and pre-filled syringes. The Orascovery platform reformulated parenteral chemotherapeutic agents into oral dosage forms.  

Headquartered in Schaumburg, Ill., Sagent Pharmaceuticals offers a broad range of products across anti-infective, oncology and critical care indications in a variety of presentations, including single and multi-dose vials and ready-to-use pre-filled syringes and premix bags.

“The Athenex team had built an impressive generic injectables business and was at the forefront in the development of oncology therapies, but was unfortunately caught up in the unfavorable conditions presented by the broader biotech market before they could reach their ultimate goal,” said Cassel Salpeter Managing Director Philip Cassel. “By leveraging our healthcare domain expertise and working closely with the highly regarded management team and all-star cast of professionals, we were fortunate to achieve a positive result and monetize many of the assets.”

The Cassel Salpeter team was led by Managing Directors Philip Cassel, Ira Leiderman, and Chairman James Cassel, with the assistance of Associate Tahz Rashid.

“Phil and his team were instrumental in capturing as much value for the assets as possible during a very difficult time,” said former Chairman and CEO of Athenex Dr. Johnson Lau. “I am confident that the best possible outcome was achieved as they put forward a fully exhaustive effort to educate potential buyers on the value of our different lines of business.”

Nick Campbell of Meru, LLC, acted as chief restructuring officer. Devin Battiston and Samier Saleem of Meru, LLC were restructuring advisors to Athenex.  

Richard Pachulski, Shirley Cho, Debra Grassgreen, Maxim Litvak, Benjamin Wallen, James O’Neill, Cia Mackle and Richard Gruber of Pachulski Stang Ziehl & Jones LLP were counsel for the debtor. 

Phillip Delmont of Harter, Secrest & Emery LLP was special counsel for the debtor.  

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

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Editor’s note: Interviews available upon request.

Cassel Salpeter & Co. Serves as Financial Advisor in Sale of P3 Technologies, LLC to Graham Corporation (NYSE: GHM)

MIAMI – Nov. 21, 2023Cassel Salpeter & Co., an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, today announced that it has successfully advised P3 Technologies (“P3”), a custom turbomachinery engineering, product development and manufacturing business in its sale to Graham Corporation (NYSE:GHM) (“Graham”).

Based in Jupiter, Fla., P3 is an industry leader in the development and manufacture of state-of-the-art rotating machinery including pumps, compressors and turbines, specializing in extremely high-speed rotors and cryogenic pumps. P3’s experienced team of highly skilled gas-turbine engineers, led by Founder and President Philip C. Pelfrey, provide differentiated, innovative solutions to address complex technical challenges in the space, new energy and medical markets.

Headquartered in Batavia, N.Y., Graham is a global leader in the design and manufacture of critical equipment, including fluid, power, heat transfer and vacuum technologies, for the defense, space, energy and chemical/petrochemical industries. The Graham Manufacturing and Barber-Nichols brands are built upon the company’s world-renowned engineering expertise, its responsive, flexible service and its exceptional quality. 

“In P3, Phil built a company with capabilities unmatched by the largest competitors in the world,” said Cassel Salpeter Managing Director Philip Cassel, who led the process, helping P3 negotiate the transaction and assisting throughout the due diligence and closing process. “We set out to find a partner to help Phil focus on the technical parts of the business he loves, while enabling managed growth of the business. I believe Graham is the perfect fit to help continue the legacy built by Phil and the P3 team and allow them to grow to new heights.” 

“Cassel Salpeter was with me throughout the entire process. Phil Cassel did an exceptional job of representing me, understanding my goals, and working to attain a win-win transaction,” added P3 Technologies Founder and President Philip C. Pelfrey. 

The acquisition of P3 brings unique intellectual property and highly complementary technologies that enhance and expand Graham’s turbomachinery solutions. The Barber-Nichols team will deliver the experience and knowledge for managing rapid growth, supporting P3’s growing backlog, and driving a scaling-up of production and expansion into other markets.

Charles Davis from Cassel Salpeter assisted with the transaction.

The buyer’s transaction efforts for Graham were led by Barber-Nichols for Graham Corporation Vice President and General Manager Matt Malone and Graham Corporation Vice President of Finance, Chief Financial Officer and Chief Accounting Officer Christopher J. Thome. 

Other professionals who assisted in executing the transaction include Alan H. Baseman and Owen Evans of Comiter, Singer, Baseman & Braun LLP, counsel to the seller, as well as Craig M. Fischer and Brendan Stone of Hodgson Russ LLP, counsel to the buyer.

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

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Editor’s note: Interviews available upon request.

Cassel Salpeter & Co. Facilitates Affiliation of Primary Eye Care Center With ReFocus Eye Health

MIAMI – July 17, 2023Cassel Salpeter & Co., an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, today announced that it represented Primary Eye Care Center, P.C. (“Primary Eye Care Center”) in its affiliation with ReFocus Management Services, LLC, (“ReFocus”) a portfolio company of Zenyth Partners.

Primary Eye Care Center is a leading New England eye care practice based in Bloomfield, Conn., with three strategically located offices in Bloomfield, Windsor and Avon, whose ophthalmologists specialize in cataract surgery, premium intraocular lenses and the diagnosis and treatment of glaucoma and corneal diseases and conditions. 

ReFocus is an eye care management services organization spanning the Northeast and Mid-Atlantic regions in the United States, which partners with over 80 affiliated ophthalmologists and optometrists across 36 practice locations and one ambulatory surgery center. “We are thrilled to welcome Dr. James Pasternack, Dr. Kevin Dinowitz and the entire team at Primary Eye Care Center to ReFocus,” said ReFocus CEO Jeff Rinkov.  

“The Cassel Salpeter team was very pleased to assist Primary Eye Care Center in securing an ideal partner,” said Cassel Salpeter Chairman and Co-Founder James Cassel. “Given ReFocus’ geographic proximity to Primary Eye Care Center and their breadth of knowledge in the ophthalmology space, the synergistic opportunities were unmatched in this partnership.” 

“The dream team of Cassel Salpeter accommodated our busy schedules as practicing doctors and supported us during the entire process,” said Dr. Dinowitz. “Their experience, compassion and commitment led us to reach our goals for success.” 

“The Cassel Salpeter team worked truly and tirelessly for our best interests,” said Dr. Pasternack. “Communication between Cassel Salpeter, Primary Eye Care Center, ReFocus and the rest of the deal team was continuous and flowed smoothly. Without Cassel Salpeter’s efforts, the deal would not have closed.”

The Cassel Salpeter deal team was led by Chairman James Cassel, Director Laura Salpeter and Associate Edward Kropf. Legal counsel for Primary Eye Care Center was Thomas Marrion and Anna Gurevich of Hinckley Allen. Joanne Marcoux at CohnReznick LLP and Kim Bernier at Primary Eye Care Center also played pivotal roles in the deal and assisted all parties throughout the process.  

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 United States 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.

About ReFocus Eye Health:

ReFocus Eye Health is a management services organization dedicated to the provision of best-in-class eye care administered through ReFocus and affiliated groups of eye care physicians. ReFocus’ current affiliate network includes 30+ locations across Connecticut, Massachusetts, New Jersey, Pennsylvania and Rhode Island. ReFocus Eye Health is headquartered in Stamford, CT. To learn more, visit www.refocuseye.com.

Cassel Salpeter Chairman and Co-Founder Appointed Honorary Consul for Grand Duchy of Luxembourg

Miami June  13, 2023  – Cassel Salpeter & Co. Chairman and Co-Founder James Cassel was appointed Honorary Consul for the Grand Duchy of Luxembourg with jurisdiction over Florida in Miami. 

Cassel will represent the interests of Luxembourg and its citizens in Florida by assisting Luxembourgish citizens with travel-related and other needs, supporting official civic events, engaging with local authorities, and supporting and promoting Luxembourg’s culture and economy. 

“I am honored and pleased to lend my support to the people of Luxembourg and its business community,” Cassel said. “Helping open doors to other cultures, communities, and businesses visiting Miami and Florida is right in line with our firm’s values and commitment to civic engagement.” 

Cassel will also serve as a point of contact, working to promote trade and investment between Luxembourg and Florida, facilitating business connections, providing information about investment opportunities, and supporting Luxembourgish companies looking to do business in the region. 

James Cassel

Click to learn more, here.

Cassel Salpeter & Co. Serves As Financial Advisor in Sale of Central Research Associates to Flourish Research Holdings LLC

Miami Investment Bank Assists in Birmingham, Alabama, Clinical Trial Research Firm’s Acquisition   

MIAMI – May 25 2023Cassel Salpeter & Co., an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, today announced that it has successfully advised Central Research Associates Inc. (“CRA”), a leading, multispecialty clinical research site that offers clinical trial opportunities to patients in Birmingham, Alabama, and the surrounding areas, in its sale to Flourish Research Holdings LLC (“Flourish Research”), a clinical trial site network with locations throughout the United States, backed by NMS Capital.

CRA was founded by Dr. William Whitley in 2016 as a research site for conducting Phase II-IV clinical trials across various therapeutic areas. The site is located on the campus of St. Vincent’s Hospital in Birmingham, Alabama. CRA has grown consistently since its inception and is a leading national enroller in vaccine studies.  

“It was a pleasure working with Dr. Bill Whitley and his team on this transaction,” said Cassel Salpeter Managing Director Ira Z. Leiderman, who led the process in identifying a strategic buyer, negotiating the transaction, and assisting throughout the diligence and closing processes. “Bill built a strong organization that I am certain will be quite additive to Flourish Research,” added Leiderman.  

“The Cassel Salpeter team was fantastic to work with,” said CRA Founder Dr. Whitley. “They were able to introduce us to the right party in Flourish Research and efficiently facilitate the deal. We are very grateful for their diligent work.”

Cassel Salpeter Associate Tahz Rashid assisted with the transaction. The legal counsel to CRA was Jason McDonald of Greenberg Traurig, P.A. 

Cassel Salpeter & Co. Serves as Financial Advisor in the Sale of Franmar Corporation to Beacon Mobility

Cassel Salpeter & Co., an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, today announced that it has successfully advised Franmar Corporation (“Franmar”), a South Florida provider of school bus transportation, in its sale to Beacon Mobility (“Beacon”), which provides outsourced transportation services for adults and schoolchildren across the United States, backed by the Audax Group.

Since its inception over forty years ago, Franmar has emphasized its devotion to delivering safe, reliable student transportation in its effort to be the most dependable transportation provider in Miami-Dade, Broward and Monroe counties. It is based in Cutler Bay, Fla.

Beacon, an expanding network of companies headquartered in Wilbraham, Mass., serves its customers’ diverse needs by providing transportation solutions for school districts, special education programs, charter services, regional transit authorities and non-emergency medical programs, as well as managed services.

“Having grown up in Miami and ridden on Franmar busses throughout my childhood, it was great to find a buyer in Beacon that will carry on the legacy that was built by Fran Martinelli. With further investment, Beacon has unlimited potential in the growing South Florida market,” said Managing Director Philip Cassel, who led the process helping Franmar negotiate the transaction and assisting throughout the due diligence and closing process. Tahz Rashid from Cassel Salpeter assisted with the transaction.

“It was a pleasure to work with the Cassel Salpeter team. They helped us keep the process moving forward and met the transaction timeline, while allowing us to focus on the business without interruption. It really felt like they had our back throughout the entire process,” added Franmar founder Fran Martinelli.

Other professionals who assisted in closing the transaction include Danielle Price, Isabel Diaz, Sydney Landers and Alexa Duarte of Holland & Knight LLP, counsel to the seller, and Albert Sueiras of the accounting firm Sueiras & Amador. The buyer was represented by David Duke, Chief Commercial Officer at Beacon and Amanda Tonelli, Manager of Mergers & Acquisitions at Beacon, as well as Foley & Lardner LLP and Anderson & Kreiger LLP, together counsel to the buyer.

End of Year Round-Up 2022

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.

Promotions of Laura Salpeter and Tahz Rashid

Committed to providing world-class independent investment banking services to middle-market and emerging growth companies, Cassel Salpeter is pleased to announce the promotions of Laura Salpeter from vice president to director and Tahz Rashid from analyst to associate.