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 Welcomes New Managing Directors Margery Fischbein And Deborah F. Aghib, Ph. D., Expanding Its Healthcare Group

February 10, 2020

​​​​​​​Driven by strong sustained growth and an unwavering commitment to providing top-tier independent investment banking services for middle-market and emerging growth companies, Cassel Salpeter & Co. announced the strategic additions of Margery Fischbein and Deborah F. Aghib, Ph.D. Two exceptional professionals with over 65 combined years of executive experience, Ms. Fishbein and Dr. Aghib will join Ira Leiderman and the team as managing directors of the healthcare group, one of a broad spectrum of industries the firm assists, and an increasingly in-demand vertical for the company.

In these roles, Ms. Fishbein and Dr. Aghib will advise owners and boards of directors of middle-market, private and public companies on a variety of M&A transactions, equity and debt financings, strategic licensing and partnering, and financial advisory assignments across a range of healthcare verticals.
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“As part of our firm’s accelerated forward momentum, we warmly welcome these seasoned industry experts, who join our longtime healthcare managing director, Ira Leiderman,” said chairman and co-founder James Cassel. “Their experience, track record, and client-first approach is perfectly in line with our commitment to providing world-class services. Together with Ira, they will spearhead dynamic new initiatives and help satisfy significant demand for our healthcare services.”


MARGERY FISCHBEIN

Prior to joining Cassel Salpeter, Ms. Fishbein was head of Healthcare Investment Banking for Seaport Global and FBR & Co., and head of East Coast Biotechnology Investment Banking for JMP Securities. Ms. Fischbein also held senior executive positions at the biotechnology companies ImClone Systems and Human Genome Sciences. She began her career rising to senior vice president at Lehman Brothers and then as managing director of investment banking at JPMorgan Chase and Citigroup.

Ms. Fishbein earned a master’s in business administration from Harvard Business School and a bachelor’s degree from Harvard University.


DEBORAH F. AGHIB, PH.D.

Prior to joining Cassel Salpeter, Dr. Aghib was a private equity consultant for CRG LP, a global healthcare-focused investment firm and industry pioneer. Before that, she was the chief business development executive for Stellar Biotechnologies, Inc., and also held other senior executive positions. Dr. Aghib was also an Independent Director on the Stellar Biotechnologies, Inc. board of directors. She is currently a board member of the OpenWorm Foundation.

Dr. Aghib holds a Ph.D. in Molecular and Cellular Biology from the University of Milan (Italy) and a Ph.D. in Human Genetics from the University of Pavia (Italy), and a M.Sc degree in Biological Sciences from the University of Milan (Italy).

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 extensive 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. Co-founded 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 professionals have forged relationships and completed hundreds of transactions and assignments nationwide. The firm’s headquarters are in Miami. Member FINRA and SIPC.

Van Drunen Farms and SouthAm Freeze Dry Announce New Business Partnership

The Van Drunen Family of Companies (“Van Drunen Farms”) and SouthAm Freeze Dry (“SouthAm”) today announced a new partnership whereby Van Drunen Farms will take a majority stake in SouthAm.

Van Drunen Farms, with headquarters in Momence, IL, is a world leader in agriculture, food science, and dehydrating fruits, vegetables, and grains. SouthAm is a trusted freeze-dried fruit supplier to many global CPG companies and is widely known as a leader in delivering the highest quality freeze-dried ingredients. Its headquarters are just outside of Chile’s capital, Santiago. The company enjoys strong competitive advantages that come from its ability to leverage direct, local access to the rich farming output of Chile and the South American supply chain. SouthAm combines a local focus with an international reach.

“This partnership will better position both SouthAm and Van Drunen Farms, offering unique and substantial benefits for our customers,” remarked Kevin Van Drunen, Co-Owner and President of Van Drunen Farms, and Board Member of SouthAm. “It is exciting to see our global platform expanded with a partner that shares our long term vision to be a global leader in freeze-dry ingredients and has a truly international reach.”

The investment in SouthAm provides Van Drunen Farms, including its dietary supplement powerhouse FutureCeuticals, a key competitive advantage for South and Central American fruits in the food, functional food, and supplement spaces, as well as continues SouthAm’s innovation, which is focused on the development of native herbal, fruit, and vegetable ingredients. The partnership allows both organizations to enhance their access to global supply, which benefits each of their respective customer bases.

“We are thrilled to take this next step as a company,” added Boris Hirmas Said, founder and Chairman of the Board of SouthAm. “We started in 2004 with a mission to create a world-class business to showcase Chile’s unique capacity for premium quality manufacturing and food products. With that initial goal achieved, we are now ready to partner with Van Drunen Farms to bring this message and these products to the world. It is truly a win for us, for our Van Drunenpartners, and above all for our customers.  Ultimately, with our combined resources we have now broadened our direct supply chain to both hemispheres, making us both more efficient and effective.”

“What is truly unique about this partnership, and something that is very important to us at Van Drunen Farms, is that both SouthAm and Van Drunen Farms are family owned companies,” remarked Jeff Van Drunen, Co-Owner of Van Drunen Farms, President of FutureCeuticals, and Vice Chairman of the Board of SouthAm. “Once all of the due diligence and pro forma is complete, it’s these kinds of intangibles that transform a project from a fine idea that makes good financial sense into something intrinsically great for everyone involved. Culture and values matter to us, and SouthAm aligns perfectly with who we are as people, a family, and as a corporate entity.”

Cassel Salpeter & Co. served as exclusive financial advisor to SouthAm. The team was led by Chairman James S. Casseland Director Philip Cassel.

“It is a rare occurrence for a partnership to come together with two parties that share such deep-rooted values within their organizations,” said James Cassel. “We believe that Van Drunen Farms and SouthAm, with their similar long-term approach, will create a strong foundation for success well into the future. It was a pleasure to play an important part in facilitating the combination of these two great companies.”

About SouthAm Freeze Dry

SouthAm fuses creativity and innovation with world-class quality standards. SouthAm takes a holistic approach to business; handling everything from sourcing and manufacturing of freeze dried food solutions to custom tailored product development.

About Van Drunen Holdings

The Van Drunen Family of Companies is a global presence in the food, functional food, and nutraceutical industries. Van Drunen Farms, founded in 1856, is a global leader in the growing of culinary herbs, as well as the dehydration of fruit, vegetable, grain, and herbal food ingredients. VDF FutureCeuticals, Inc. is a vertically integrated functional food ingredient, product development, and bioanalytical research and discovery company serving the supplement and functional food industries with patented and clinically-researched functional ingredients. VDF Europe operates an expanding freeze drying facility in Serbia serving the EU, the near East, and Asia. Golden State Herbs is an agricultural and air drying operation located in Thermal, California. Van Drunen Specialty Seeds, a non-gmo seed development company currently focused on proprietary basil seed varietals, operates in Thermal, California.

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. Co-founded by James Cassel and Scott Salpeter, the firm’s headquarters are in Miami.

SOURCE Van Drunen Farms; FutureCeuticals, Inc.

Related Links

http://www.vandrunenfarms.com

Cassel Salpeter & Co. LLC Represents Convert IT Marketing LLC, in its Sale to Abbey Road Capital LLC

Cassel Salpeter & Co. LLC served as exclusive financial advisor to Convert IT Marketing LLC, a leading performance-based digital marketing company to the legal vertical, on its sale to Abbey Road Capital LLC.
Founded in 2011, Convert IT Marketing provides outsourced pay-per-click marketing solutions for local law firms in specialty practices throughout the U.S. The company’s unique and proprietary strategies deliver superior performance to its 500+ customers in terms of cost and quality of leads, placing it in the top 1% of all digital marketers serving the legal vertical.
“The decision if and when to sell a company is a difficult one,” said Convert IT Marketing Owner and Founder Paul Rubenstein. “I spoke to several advisors and made a decision to move forward after speaking with Cassel Salpeter. I felt Cassel Salpeter had my best interests in mind from pre-engagement to post-close.”
“We enjoyed working with Paul on this transaction,” said Ranjini Chandirakanthan, Managing Director and Head of the Technology Practice for Cassel Salpeter. “We worked hard to minimize the disruption to the business and we are happy to be part of a great result for the company.”
“Paul and his team have built a tremendous business in Convert IT Marketing,” said Todd House, Managing Partner of Abbey Road Capital. “With a superior customer value proposition and a highly scalable platform, Convert IT Marketing is a clear leader in providing digital marketing services to the legal vertical. We are thrilled that Cassel Salpeter introduced us to the company and guided the company and the entire deal team to a successful close.”

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 extensive 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. Co-founded 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 professionals 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 & Co. Advises Sancilio Pharmaceuticals, Debtor in Chapter 11 Sale of Business Assets

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 that it served as exclusive financial advisor to Sancilio Pharmaceuticals Company, Inc., debtor-in-possession in a Chapter 11, in two sales pending in Delaware. Sancilio Pharmaceuticals is an integrated specialty pharmaceutical company that develops, manufactures and commercializes pharmaceutical products, over-the-counter and behind-the-counter products and dietary supplements in the dental and women’s health markets.

The Cassel Salpeter team, led by Chairman James S. Cassel, with the assistance of Managing Director Ira Z. Leiderman, Vice President Laura Salpeter and Analyst Julian Astrove, identified and contacted more than 300 strategic and financial parties as part of its work assisting the company.

“Running simultaneous, multiple sales processes for a company can be challenging in any transaction, let alone in a complex, fast-paced bankruptcy 363 sales process,” said Cassel, the firm’s chairman and cofounder. “I am proud of our team and the work accomplished that led to a successful outcome for Sancilio Pharmaceuticals.”

Cassel Salpeter worked with the debtor to run simultaneous, multiple sales processes with two separate stalking horse bidders for different divisions of the company. The sale of Altemia and the ALT Platform, a phase 3 ready product for the treatment of sickle cell disease; a prenatal and dental portfolio of prenatal vitamins and fluorides; and the plant and labs of the company were purchased by Micelle Biopharma, Inc.

The Ocean Blue division of the company was purchased by K.D. Pharma Bexbach GmbH.

MidCap Financial Services, LLC, the company’s lender and stalking horse bidder for all of the company assets except for Ocean Blue, was supportive of the transaction, the company and Cassel Salpeter during the entire bankruptcy and sales process.

Cassel Salpeter also worked closely with the debtors’ Chief Executive Officer, Geoffrey Glass, and debtors’ counsel, Greenberg Traurig lawyers Paul Keenan, John Dodd, Matt Miller and Sara Hoffman.

On July 23, 2018, the United States Bankruptcy Judge for the District of Delaware approved the sale of Sancilio Pharmaceuticals assets. The sale of Ocean Blue closed on August 1, 2018 and the sale of Altemia, the ALT Platform, the prenatal and dental portfolio and the plant and labs closed on August 8, 2018.

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. Co-founded 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 & Co. Acts as Exclusive Financial Advisor in Sale of CORD:USE

Cassel Salpeter & Co., LLC, a middle-market investment banking firm providing merger, acquisition, divestiture and corporate finance services, represented CORD:USE Cord Blood Bank (“CORD:USE”) in its sale to Cryo-Cell International, Inc. (“Cryo-Cell”).

CORD:USE, based in Orlando, FL, is a leader in the cord blood and cord tissue banking industry. CORD:USE operates a family bank in Orlando and a public bank based out of the Duke University Medical Center in Durham, NC. Co-founded by a board-certified obstetrician, Dr. Edward Guindi, and his business partner Michael Ernst, together they assembled a world class team of experts in the field and established relationships with some of the leading obstetrical centers in the U.S. Known for their high quality, the CORD:USE banks participated in over 660 stem cell transplants since inception.

Cassel Salpeter advised CORD:USE in evaluating strategic alternatives and ran a process to contact both potential financing sources and acquirers and solicit offers for the Company. During this process, several entities tendered offers to acquire the Company. Cassel Salpeter advised CORD:USE throughout this process, which resulted in Cryo-Cell  acquiring substantially all of CORD:USE’s assets. In connection with the transaction, Cassel Salpeter provided a fairness opinion to the Board of Directors of CORD:USE. Ira Leiderman, Managing Director, Healthcare, who has years of experience helping quality, middle-market life science companies raise capital and complete mergers and acquisitions, joined Vice President Laura Salpeter in leading the Cassel Salpeter team.

CORD:USE Chief Executive Officer Dr. Edward Guindi said: “The Cassel Salpeter team was at our side throughout the transaction. They continuously advised us through the many twists and turns of the deal and their determination did not waiver. It was a pleasure to work with them.”

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 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. Co-founded 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 professionals 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 & Co. Secures Senior Debt Financing for Lakewood Organics

Cassel Salpeter & Co., LLC, a middle-market investment banking firm providing merger, acquisition, divestiture and corporate finance services, represented Florida Bottling, Inc. d/b/a Lakewood Organics (“Lakewood”) in securing senior debt financing from Fifth Third Bank. The financing will support numerous growth initiatives.

Lakewood, based in Miami, FL, is an independent family juice company bottling a diverse line of pure organic and premium fruit juice products. The Lakewood story began in 1935 with its founder, Fred Fuhrman, and a small fresh fruit facility in the Allapattah neighborhood of Miami from which Fred would deliver fruits and juices to the hotels on Miami Beach. From that modest beginning, Lakewood has expanded its distribution across the U.S. and dozens of countries. Fred’s son, Thomas, took over from his father in the late 1970’s and pioneered Lakewood’s trademark “Fresh Pressed” line of not-from-concentrate juices. Fred’s grandson, Scott Fuhrman, eventually took the reins from Thomas and currently serves as Chairman and Chief Executive Officer. Scott’s three daughters – Eleanor, Amelia, and Penelope – are the fourth generation of Lakewood ownership. The Fuhrman family takes great pride in being a responsible steward of the Lakewood brand, and holds true to its mission to provide the best quality juices to its customers.

Cassel Salpeter advised Lakewood in evaluating its financing options and provided assistance throughout the due diligence and closing process. Cassel Salpeter Director Philip Cassel led the assignment. Cassel has years of experience helping quality, middle-market businesses raise capital and complete mergers and acquisitions.

Lakewood’s Chairman and Chief Executive Officer Scott Fuhrman said: “I am grateful for the good advice and guidance that Cassel Salpeter provided in connection with the financing transaction. The financing will support numerous growth initiatives to capitalize on the fast-growing organic shelf space.”

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 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. Co-founded 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 professionals 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 Lakewood Organics  

Lakewood, based in Miami, FL, is an independent family juice company bottling a diverse line of pure organic and premium fruit juice products. The Lakewood story began in 1935 with its founder, Fred Fuhrman, and a small fresh fruit facility in the Allapattah neighborhood of Miami from which Fred would deliver fruits and juices to the hotels on Miami Beach. From that modest beginning, Lakewood has expanded its distribution across the U.S. and dozens of countries. Fred’s son, Thomas, took over from his father in the late 1970’s and pioneered Lakewood’s trademark “Fresh Pressed” line of not-from-concentrate juices. Fred’s grandson, Scott Fuhrman, eventually took the reins from Thomas and currently serves as Chairman & CEO. Scott’s three daughters – Eleanor,  Amelia, and Penelope – are the 4th generation of Lakewood ownership. The Fuhrman family takes great pride in being a responsible steward of the Lakewood brand, and holds true to its mission to provide the best quality juices to its customers.

Cassel Salpeter & Co. Represents Systems 2000, Inc in its Sale to Serent Capital

Cassel Salpeter & Co., a middle-market investment banking firm providing financial advisory services, represented Systems 2000, Inc. (“Sys2k”) in its sale to Serent Capital.  The acquisition will enable Serent Capital to broaden its portfolio of system-of-record software businesses and automobile technology investments.

The Cassel Salpeter team, led by President and Co-Founder Scott Salpeter and Vice President Marcus Wai, supported Sys2k through the closing of the transaction.

Sys2k is a SaaS business that provides a mission-critical dealership management system for the specialty vehicle market. With over 350 customers throughout the U.S. and Canada and a strong recurring revenue base, the Sys2k platform is highly regarded due to its true multi-company, multi-location system offering full DMS capabilities across all departments of a dealership.

Carl Sconnelly, Sys2k’s founder and former President and CEO said, “The Cassel Salpeter team helped guide me throughout the sales process from marketing and LOI negotiation through to due diligence and closing.  The complexity of the Transaction combined with the vigorous due diligence process was made much easier with their help and resulted in the ideal outcome for me and the Company. The support provided by the Cassel Salpeter team was invaluable and I couldn’t have asked for a better outcome.”

“It was a pleasure working with the Sys2k team to find the best fit to take the company to the next level of its growth trajectory.  We believe Sys2k to be a highly attractive investment to Serent Capital given their ownership experience with SaaS based businesses and potential synergies with their other portfolio companies,” said President and Co-Founder Scott Salpeter of Cassel Salpeter & Co.

Ira Rosner, Jordan Schneider, and Ashley Hamilton with Holland & Knight provided legal representation to Sys2k.  Carl Erhardt, Elliot Franklin, and Lori Bibb with Morris, Manning & Martin, LLP provided legal representation to Serent Capital.

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 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. Co-founded 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 professionals have forged relationships and completed hundreds of transactions and assignments nationwide. The firm’s headquarters are in Miami. Member FINRA and SIPC. For more information, visit www.CasselSalpeter.com.

About Sys2k  

Sys2K is a premier provider of Powersports, Bus, Marine, Automotive, Class 8/Heavy Duty, and RV dealership software. Sys2K’s Infinity software is a fully integrated, Windows-based DMS that features modules including CRM, F&I, Parts and Service, Payroll, Accounting, Rental, Advanced Reporting, as well as offering Premium Websites, Cloud Hosting, and Mobile Apps. Founded in 1984, Sys2K prides itself in developing the highest-quality software solutions for the dealership environment. For more information, visit www.sys2k.com.

About Serent Capital

Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent helps growing businesses thrive. For more information on Serent Capital, visit www.serentcapital.com.