Q4 2020 Healthcare Investment Banking Report

Citadel Consulting Group, LLL acquired Opis

  • Background: Opis Management Resources, LLC and Gabriel Living Centers, LLC (“Opis”), founded in 2003 and based in Tampa, FL, is one of Florida’s leading providers of long-term and post-acute care, comprised of 10 skilled nursing facilities and an assisted living facility offering comprehensive rehabilitation, advanced practitioner, and community-based services throughout Central Florida.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Conducted a robust sales process, identifying and contacting over 100 strategic and financial parties
    • Successfully identified a strategic buyer interested in expanding its operations in Florida
  • Challenges:
    • Facilities impacted by COVID-19 pandemic
    • Completed sales, marketing, and closing virtually
  • Outcome: In January 2021, Opis was acquired by Citadel Consulting Group, LLC, who 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.

Q4 2020: Aviation Report

Q4 2020: Tech Deal Report

Alta Equipment Company acquired Flagler

  • BackgroundFlaglerCE Holdings, LLC (“Flagler”), founded in 2008 and based in Tampa, FL, engages in the sale, rental, and servicing of heavy construction equipment.  Flagler has the exclusive rights to distribute Volvo Construction Equipment in the state of Florida.  Flagler operates six main branches across Florida.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a competitive bidding process amongst a select group of potential buyers, maximizing proceeds for Flagler’s stakeholders
    • Provided assistance throughout all phases of the sale process
  • Challenges:
    • Distressed operations with short timeline to close the deal
    • Multi-constituent transaction that required the successful funding of a Special Purpose Acquisition Company (SPAC)
  • Outcome:  On February 14, 2020, Alta Equipment Company acquired Flagler.
    • Alta Equipment Group Inc. owns and operates integrated equipment dealership platforms in the U.S.  Alta Equipment Company merged with B. Riley Principal Merger Corp., a SPAC, and changed its name to Alta Equipment Group Inc.

Westchester General Hospital acquired by Sanitas

  • Background:Westchester General Hospital, Inc. (“Westchester”), founded in 1967 and based in Miami, FL, is a 125-bed, family-owned acute care hospital providing quality, patient-centered care.  Westchester also helped develop a graduate medical education program that has trained hundreds of physicians who serve across the nation.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Conducted a robust sales process, identifying and contacting over 100 strategic and financial parties
    • Successfully identified an international buyer that was looking to expand their footprint in Florida
  • Challenges:
    • Distressed operations with negative cash flow
    • Ensuring a smooth transaction while dealing with the negative impacts of the COVID-19 pandemic
    • Navigating the ever-changing Paycheck Protection Program  and CARES Act guidelines relating to mergers and acquisitions
  • Outcome: In October 2020, Westchester was acquired by Sanitas USA, Inc. a subsidiary of Keralty SAS, an international health enterprise leader in patient-centered care and health outcomes.

Moviefone Assets sold to Born In Cleveland, LLC

  • Background:  Moviefone, a subsidiary of Helios and Matheson Analytics, Inc., is an entertainment information and marketing service that delivers movie showtimes, trailers, TV schedules, streaming information, cast and crew interviews, and editorial coverage.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Conducted a robust sales process, identifying and contacting a broad set of strategic and financial parties
    • Provided assistance throughout all phases of the Chapter 7 Section 363 sales process, due diligence, and auctions
  • Challenges:
    • Moviefone was losing value over time due to limited attention and resources; the assets needed to be sold in a short time frame in order to preserve value
    • Limited information and resources available at the Company
    • Maximizing the value of the estate during a global pandemic
  • Outcome:  On March 19, 2020, the court approved the sale of the Moviefone assets to Born In Cleveland, LLC.  Additional assets were also sold as part of the bankruptcy sales process.

Q3 2020 Healthcare Investment Banking Report

Aviation Deal Report Q3 2020

Q3 2020: Tech Deal Report