Cassel Salpeter Advises in Landmark Chapter 11 Sale of Nicklaus Companies
MIAMI – April 23, 2026 – Cassel Salpeter & Co. is proud to have served as the investment banker to Nicklaus Companies in its Chapter 11 reorganization, leading the global marketing and sale of the Debtor’s assets.
The process culminated in a $35.7 million bankruptcy auction victory for 20 Majors LLC, a company affiliated with golf legend Jack Nicklaus, TWG Global, and Nicklaus Brown & Co. TWG Global is a multinational investment holding company led by Guggenheim Partners co-founder and Los Angeles Dodgers and Lakers owner Mark Walter. Nicklaus Brown & Co. is a family office led by Gary Nicklaus and Rory Brown. On March 9, 2026, the sale was approved by the U.S. Bankruptcy Court for the District of Delaware.
This historic outcome allows Jack Nicklaus to regain ownership of his eponymous brand and the iconic Golden Bear trademark after nearly 20 years. As recently featured in the South Florida Business Journal, this transaction successfully resolved complex litigation and paved the way for the company’s future across golf course design, residential communities, and lifestyle products.
“This was not a typical bankruptcy. Through a competitive, multi-day auction, and with Cassel Salpeter’s substantial efforts, control of the company’s trademarks and intellectual property returns to the Nicklaus family – reuniting the brand and business, ending years of litigation, and securing the legacy for the next generation,” said Philip Cassel, Managing Director, Cassel Salpeter & Co.
A Gulfstream G-V aircraft owned by the Debtor was also sold as part of the bankruptcy auction, for over $7.35 million.
At Cassel Salpeter, we specialize in navigating intricate restructurings and distressed asset sales to maximize value and achieve strategic resolutions for our clients. We are honored to have played a role in this “full circle” moment for one of the world’s most recognizable brands.
The Cassel Salpeter deal team was led by Managing Director Philip Cassel and Chairman James S. Cassel, with assistance from Director Joseph “Joey” Smith, Senior Associate Edward Kropf, Senior Associate Charles Davis, and Analyst Mason Waldron.
Weil, Gotshal & Manges LLP and Richards, Layton & Finger, PA served as legal advisors to the Debtor. The Weil team was led by David J. Cohen, Steve Argeris, Mariel Cruz, and Brian Liegel, supported by Daphne Papadatos, Phil DiDonato, Joseph Erdos, Zane Mitchell, and Jeffrey Fu. The Richards Layton team was led by Zachary Shapiro, supported by James McCauley.
Alvarez & Marsal North America, LLC served as financial advisor to the Debtor. The Alvarez team was led by Richard Wu and Chris Sullivan, supported by Mason Stage.
Raymond James & Associates, Inc., Morris, Nichols, Arsht & Tunnell LLP, and Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. advised the acquirers, led by Geoffrey Richards, Curtis Miller, and Gene Stearns, respectively.
