MIAMI – Nov. 21, 2023 – Cassel Salpeter & Co., an independent investment banking firm that provides advisory services to middle market and emerging growth companies in the United States and worldwide, today announced that it has successfully advised P3 Technologies (“P3”), a custom turbomachinery engineering, product development and manufacturing business in its sale to Graham Corporation (NYSE:GHM) (“Graham”).
Based in Jupiter, Fla., P3 is an industry leader in the development and manufacture of state-of-the-art rotating machinery including pumps, compressors and turbines, specializing in extremely high-speed rotors and cryogenic pumps. P3’s experienced team of highly skilled gas-turbine engineers, led by Founder and President Philip C. Pelfrey, provide differentiated, innovative solutions to address complex technical challenges in the space, new energy and medical markets.
Headquartered in Batavia, N.Y., Graham is a global leader in the design and manufacture of critical equipment, including fluid, power, heat transfer and vacuum technologies, for the defense, space, energy and chemical/petrochemical industries. The Graham Manufacturing and Barber-Nichols brands are built upon the company’s world-renowned engineering expertise, its responsive, flexible service and its exceptional quality.
“In P3, Phil built a company with capabilities unmatched by the largest competitors in the world,” said Cassel Salpeter Managing Director Philip Cassel, who led the process, helping P3 negotiate the transaction and assisting throughout the due diligence and closing process. “We set out to find a partner to help Phil focus on the technical parts of the business he loves, while enabling managed growth of the business. I believe Graham is the perfect fit to help continue the legacy built by Phil and the P3 team and allow them to grow to new heights.”
“Cassel Salpeter was with me throughout the entire process. Phil Cassel did an exceptional job of representing me, understanding my goals, and working to attain a win-win transaction,” added P3 Technologies Founder and President Philip C. Pelfrey.
The acquisition of P3 brings unique intellectual property and highly complementary technologies that enhance and expand Graham’s turbomachinery solutions. The Barber-Nichols team will deliver the experience and knowledge for managing rapid growth, supporting P3’s growing backlog, and driving a scaling-up of production and expansion into other markets.
Charles Davis from Cassel Salpeter assisted with the transaction.
The buyer’s transaction efforts for Graham were led by Barber-Nichols for Graham Corporation Vice President and General Manager Matt Malone and Graham Corporation Vice President of Finance, Chief Financial Officer and Chief Accounting Officer Christopher J. Thome.
Other professionals who assisted in executing the transaction include Alan H. Baseman and Owen Evans of Comiter, Singer, Baseman & Braun LLP, counsel to the seller, as well as Craig M. Fischer and Brendan Stone of Hodgson Russ LLP, counsel to the buyer.
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
Editor’s note: Interviews available upon request.