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Patriot Transportation

  • Background: Patriot Transportation Holding, Inc. (NASDAQ: PATI) (“Patriot Transportation”), headquartered in Jacksonville, FL, is a leading tank truck operator, delivering petroleum products and other liquid and dry bulk commodities across the Southeastern U.S.
  • Cassel Salpeter:
    • Served as financial advisor to the company
    • Issued a fairness opinion as to whether the consideration to be received by the holders of common stock of the company in the transaction was fair, from a financial point of view, to such holders
    • Performed a market check and ran a “go-shop” process, identifying and contacting more than a dozen strategic parties and responding to due diligence requests from such parties
  • Challenges:
    • Ensuring the “go-shop” process was done efficiently and on a timely basis in order to meet the objectives of the market check without delaying the closing timeline for the transaction with United Petroleum Transports (“UPT”)
  • Outcome: In November 2023, Patriot Transportation was acquired by UPT for approximately $66.2 million, representing a 111.7% premium over the stock’s prior day pre-announcement closing price.

Gilman Ciocia merged with National Holdings Corporation

  • Background:  Headquartered in Poughkeepsie, New York, Gilman Ciocia provides financial planning, accounting, income tax preparation, and asset management services in the U.S. Specifically, the Company provides financial planning services to individual investors, tax preparation services to individuals in the middle and upper income tax brackets and accounting services to small and midsize companies.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 70 strategic and financial parties
    • Issued a Fairness Opinion in connection with the transaction

Challenges:

    • Positioned a unique public company with formally combined financial planning and tax preparation services on the same premises
    • Maximized value and provided an exit for private equity investors and shareholders, while maintaining stability amongst financial planners and tax professionals
  • Outcome: In October 2013, Gilman Ciocia, Inc. merged with National Holdings Corporation, a financial services organization based in New York, NY.