Archive for category: Firm Announcements

MIAMI – April 23, 2024 – 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, represented Healthly LLC (“Healthly”) in securing financing from Corbel Capital Partners. The financing has supported the strategic investment in a restricted Knox-Keene license, two independent physician associations (“IPAs”), medical centers and the continued growth of its business.

Based in Los Angeles, Healthly is a provider empowerment platform, providing a one-stop solution for physicians to assume full risk and succeed in value-based care, driving optimal outcomes for patients, providers and health plans. Healthly’s subsidiary Access Senior Healthcare operates as a restricted health service plan under the Knox-Keene Act, enabling access to full value-based economics, providing a mechanism to sustainably maximize patient outcomes.

“It was great working with Healthly’s Chief Executive Officer Ben Quirk and the rest of the Healthly team,” said Cassel Salpeter Chairman James Cassel, who led the deal. “We were excited to assist with securing funding to support not only their original transaction, but also support their future growth.” 

Cassel Salpeter helped Healthly in identifying and evaluating its financing options and assisted throughout the due diligence and closing process. Cassel Salpeter Managing Director Philip Cassel, Director Joseph Smith and Associate Charles Davis assisted with the transaction.

Healthly’s Chief Executive Officer Ben Quirk added, “James and the Cassel Salpeter team were critical to helping us find the right growth partner. Their deep healthcare knowledge and ability to provide counsel and guidance throughout the process were invaluable.” 

Healthly’s transaction efforts were assisted by Kyle Quirk, Arwin Soetanto, Erica Badran and Kegan Williams of Healthly with counsel provided by Melissa A. Borrelli of Nossaman LLP and Claire Marblestone and Frederick V. Bryant of Foley & Lardner LLP. Brian Yoon and Graham Gallaher led the Corbel Capital Partners team with counsel provided by Aytan Dahukey, Moorari Shah, Adam Barton, Lynsey Mitchel and Jason Jones of Sheppard Mullin Richter & Hampton 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 United States and worldwide. Together, the firm’s professionals have more than 100 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

MIAMI – April 11, 2024 – 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 in a Chapter 11 363 sale process of substantially all of the assets of Bird Global Inc. (“Bird” or the “Company”), one of the largest micromobility operators in North America and abroad to Third Lane Mobility Inc. for approximately $145 million.

Bird, headquartered in Miami, Fla., is an electric vehicle company dedicated to providing affordable, environmentally-friendly transportation solutions and was the first company to deploy e-scooters and e-bikes to communities across the world. The Company’s clean, affordable, on-demand mobility solutions are available in 350 cities across the United States, Canada, Europe and the Middle East. Bird partners closely with the cities in which it operates to provide a reliable and affordable transportation option for people who live and work there.

Third Lane Mobility Inc., a newly organized private company formed by the stalking horse and winning bidder as a consortium of the second and first lien holders, acquired Bird’s assets. The second lien holder was led by John Ivan Bitove of Obelysk Inc. and supported by the first lien holder. The first lien holder was MidCap Financial Services LLC, in alliance with Apollo Investment Corporation.

“We are pleased to have collaborated closely with the Bird team and its advisors to navigate a complex Chapter 11 process on an expedited basis,” said Cassel Salpeter Chairman James Cassel. “Our collective efforts have enabled Bird to come out of bankruptcy and continue to serve communities throughout the world.”

“Cassel Salpeter conducted a thorough process, engaging a wide array of parties and realizing the highest value for the business,” said Bird Chief Restructuring Officer Christopher Rankin. “I highly recommend the Cassel Salpeter team for high-stakes situations, where their diligence and persistence can help optimize outcomes, and would welcome the opportunity to work with them again.”

The Cassel Salpeter team was led by Chairman James Cassel and Managing Director Philip Cassel, with the assistance of Director Laura Salpeter, Associate Charles Davis and Analyst Alejandro Sanchez.

Paul Steven Singerman, Jordi Guso, Clay B. Roberts and Robin J. Rubens of Berger Singerman LLP were counsel for the debtor. Harvey L. Tepner was the independent director for the debtor. James S. Feltman, Scott Lyman, Matthew Rosenberg and Marc Kirscher of Teneo Capital were restructuring advisors to Bird. 

Hugh Murtagh of Latham & Watkins LLP was counsel for the first lien holders and Paul J. Battista and Eric D. Jacobs of Venable LLP were counsel for the second lien holders and the stalking horse bidder. 

The committee of unsecured creditors was represented by David Galfus, Ron Zaidman and Robert Cohen of Berkeley Research Group LLC as financial advisors and Gordon E. Gouveia, Robert F. Elgidely and Michael A. Sweet of Fox Rothschild LLP as counsel. 

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 100 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.

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.

MIAMI – Nov. 21, 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 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.

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. 

Click to learn more, here.