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.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_Westchester.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2026/05/CasselSalpeter_15thExellence-1.pngroaradmin2020-10-01 20:22:382024-05-03 18:03:33Westchester General Hospital acquired by Sanitas
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.
https://www.casselsalpeter.com/wp-content/uploads/2024/05/CS_Website-Case-Study-Logos_05.03.24_Moviefone.jpg321385roaradminhttps://www.casselsalpeter.com/wp-content/uploads/2026/05/CasselSalpeter_15thExellence-1.pngroaradmin2020-04-01 20:20:372024-05-03 18:03:47Moviefone Assets sold to Born In Cleveland, LLC
