Q3 2018: Tech Deal Report

1H 2018 Florida PE Deal Report

Sancilio sold certain assets to K.D. Pharma Bexbach

  • Background: Sancilio Pharmaceuticals Company, Inc. (“Sancilio”), based in Riviera Beach, FL, 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.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 300 strategic and financial parties
    • Provided assistance throughout all phases of the Chapter 11 Section 363 sales process, due diligence, and auction
  • Challenges:
    • Expedited sales timeline with less than six weeks to identify and solicit interest from potential bidders
    • Simultaneous, multiple sales processes for different divisions of the Company
  • Outcome: On August 1, 2018, the Ocean Blue division of Sancilio Pharmaceuticals Company, Inc. was purchased by K.D. Pharma Bexbach GmbH, headquartered in Bexbach, Germany.

Sancilio sold certain assets to Micelle Biopharma

  • Background: Sancilio Pharmaceuticals Company, Inc. (“Sancilio”), based in Riviera Beach, FL, 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.
  • Cassel Salpeter:
      • Served as financial advisor to the Company
      • Ran a competitive sales process, identifying and contacting over 300 strategic and financial parties
      • Provided assistance throughout all phases of the Chapter 11 Section 363 sales process, due diligence, and auction
  • Challenges:
      • Expedited sales timeline with less than six weeks to identify and solicit interest from potential bidders
      • Simultaneous, multiple sales processes for different divisions of the Company
  • Outcome: On August 8, 2018, Altemia and the ALT Platform, a Phase III 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 Sancilio Pharmaceuticals Company, Inc., were purchased by Micelle Biopharma, Inc.

Convert has been acquired by Abbey Road Capital

  • Background: Convert IT Marketing, LLC (“Convert”), founded in 2011 and based in Ft. Lauderdale, FL, provides outsourced pay-per-click marketing solutions for local law firms in specialty practices throughout the U.S. Convert IT’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.
  • Cassel Salpeter:
      • Served as exclusive financial advisor to the Company in its divestiture of the Neo Urinary conduit assets
      • Ran a competitive sales process, identifying and contacting strategic and financial parties
      • Provided the owner with advice from pre-engagement to post-close
    • Challenges:
      • Limited buyer universe
      • Multiple offers ahead of the completion of initial calls
  • Outcome: On August 31, 2018, Convert IT was purchased by Abbey Road Capital.

Aviation Deal Report Q2 2018

Q2 2018: Tech Deal Report

CORD:USE has been acquired by Cryo-Cell International

  • Background: CORD:USE Cord Blood Bank (“Cord”), based in Orlando, FL, owns and operates a cord blood bank that focuses on building an inventory of umbilical cord blood stem cell units for patients in need of a life-saving transplant.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Advised Cord in evaluating its strategic options and provided assistance throughout the due diligence and closing process
    • Ran a broad sales process, contacting 115 parties
  • Challenges:
    • Small footprint – Marketing in select markets
    • Sizeable amount of debt
    • Complex capital structure
  • Outcome: In June 2018, Cord was acquired by Cryo-Cell International, Inc. The upfront consideration consisted of cash and shares of Common Stock with the potential for contingency cash payments based upon pre-determined milestones.

Aviation Deal Report Q1 2018

Lakewood Organic received senior debt financing from Fifth Third Bank

  • Background: 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. Founded in 1935, Lakewood 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:
    • Served as financial advisor to the Company
    • Advised Lakewood in evaluating its financing options and provided assistance throughout the due diligence and closing process
    • Ran a targeted debt raise process, contacting 18 lenders
  • Challenges:
    • Assets held by different entities including the operating business, intellectual property, and real estate
    • Expedited timeline to close
  • Outcome: In May 2018, Lakewood Organics received senior debt financing from Fifth Third Bank to help support the Company in its pursuit of numerous growth initiatives.