What a year! 2023 was our most active year at Cassel Salpeter & Co., and a testament to our continued commitment over our almost 15 years of service to the lower-middle market. Despite economic and industry challenges, we were able to consistently provide superior investment banking and financial advisory services, an achievement only made possible by you, our clients, and our referral network, for which we are eternally grateful.
As we look ahead with resolute purpose and clarity of vision, we renew our pledge to continue nurturing current relationships and building new ones, while seizing opportunities and maximizing value for those who depend on us.
We are proud to share with you our growth and learnings of the year past as we move into 2024. We are ready to help in times of uncertainty and opportunity.
View on 2022, Vision for 2023
While 2023 was not without its challenges within the lower-middle market, including rising interest rates, high-profile bank failures, and an uncertain macro-environment, we are proud of our team’s efforts and accomplishments in finding opportunities, adapting where needed, and resulting in nine healthy and distressed M&A deals closed in 2023, which included sales in bankruptcy under Section 363.
Cassel Salpeter continued to thrive despite market challenges, generating opportunities for our clients in the lower middle market, while building and cultivating relationships. As a result, the firm completed deals across a range of verticals including healthcare, aerospace, biotech, transportation, among other industries, and remains well positioned into 2024. In many cases, we sold these companies to portfolio companies of financial sponsors and strategic buyers.
With the Fed expected to begin a downward reduction of interest rates in 2024, although unsure specifically as to when and by how much, and with the uncertainty of the impact during a presidential election year, we are seeing an active first quarter with greater clarity on where we are headed developing as financial sponsors, other firms as well as family-owned business are going to market. It is still unclear whether we will avoid a recession or not even if mild.
New opportunities appear to be developing as sellers begin stepping back in from the sidelines as the gap in valuation expectations between buyers and sellers aligns more closely. We believe that both healthy and distressed opportunities will exist side-by-side in 2024 and have the capabilities to assist our clients in either realm.
Given our versatile skills set and adaptability, Cassel Salpeter will continue to prosper in today’s environment. We are well-equipped to identify opportunities as they emerge, whether it’s assisting in a timely sale, a capital raise, the acquisition of newly available assets, or any required restructuring. We pride ourselves in having the knowledge and adaptability to provide these investment banking services for our clients, including sell-side or buy-side.
Despite a Challenging Market, Cassel Salpeter Drove Deal Engagement and Looks Forward to Seizing Emerging Opportunities on Behalf of Clients
As we reflect on 2023, we sincerely express our gratitude and appreciation to our clients, referral relationships, community partners, and other friends and supporters of Cassel Salpeter & Co. With your help, we were again able to achieve strong deal flow, while continuing our commitment to providing actionable market knowledge, and continuing in efforts that position us to meet the growing demand for our services throughout Florida, the United States, and around the world. As we enter 2024, we look forward to continuing our relationship with you. We are here to help.
Highlights Include
Successfully handled in excess of 65 M&A, capital raising, restructuring, and advisory assignments across a broad spectrum of industries. Our team completed this work on behalf of family businesses, financial sponsors, private and public companies, boards of directors, and special committees.
We continued publishing the Florida Sponsor Deal Report, a semi-annual report recapping sponsor deal flow in Florida; our Aviation Deal Report, a quarterly resource for the aerospace and defense community keeping you informed of developments within the aviation capital markets; as well as our Healthcare Investment Banking Report tracking industry deal flow, while providing deep dives into industry trends and impacts; and the Tech Review, a quarterly report highlighting emerging trends and developments in the technology marketplace. All are available on our website at www.casselsalpeter.com.
Chairman and Cofounder James Cassel joined Healthcare Managing Directors Ira Leiderman and Margery Fischbein and Aviation Director Joey Smith in providing thought leadership and subject matter expertise featured in media including the Sun Sentinel, South Florida Business Journal, Mergers & Acquisitions, Middle Market Growth, Fierce Biotech, BioSpace, and Behavioral Health Business.
Continued to strategically add key team members including Analyst Alejandro Sanchez. A former Santander Private Bank analyst, he holds both a master’s in finance and a bachelor’s in business administration from Florida International University and joins our team of seasoned veterans and mid-career professionals.
Cassel Salpeter & Co. Chairman and Co-Founder James Cassel was appointed Honorary Consul for the Grand Duchy of Luxembourg with jurisdiction over Florida in Miami, representing the interests of Luxembourg and its citizens in Florida and serving as a point of contact to promote business, trade and investment between Luxembourg and Florida.
Industry Knowledge
