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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.

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.

Sys2k has been acquired by Serent Capital

  • Background: Systems 2000, Inc. (“Sys2k”) is a SaaS business that provides a mission-critical dealership management system for the specialty vehicle market, including RV, marine, auto, heavy duty trucks, bus and emergency vehicles. With over 350 customers throughout the U.S. and Canada and a strong recurring revenue base, the Sys2k platform is highly regarded due to its true multi-company, multi-location system offering full DMS capabilities across all departments of a dealership.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a limited sales process, contacting 19 specifically targeted financial and strategic buyers
  • Challenges:
    • Management required guidance and support to satisfy due diligence requests due to small size and limited resources
  • Outcome: In March 2018, Sys2k was 100% acquired by Serent Capital, broadening their portfolio of system-of-record software businesses and automobile technology investments. 

Norquay has been acquired by MPD Chemicals, a portfolio company of Addison Capital Partners

  • Background: Norquay Technology, Inc. (“Norquay”) is a specialty chemical manufacturer with over 30 years of expertise in providing the scale-up and production of advanced proprietary custom materials, including organometallic, inorganic, and organic molecules. Norquay’s product line includes chromic, electronic, catalyst, ligand, medical adhesive, and UV performance products, with a customer base that ranges from startups to large multi-national corporations.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 60 financial and strategic partners
  • Challenges:
    • Balancing owner’s objectives to maximize value while preserving company culture
    • Complexity of the specialty chemical industry and navigating the strict environmental regulations
  • Outcome: In December 2017, Norquay was acquired by MPD Chemicals, a portfolio company of Addison Capital Partners, broadening MPD’s specialty chemical manufacturing capabilities; Norquay’s owner now holds a minority equity stake in MPD.

Trucker Path has been acquired by Renren

  • Background: Trucker Path, Inc., is a leading software platform for the trucking industry. Trucker Path’s core product is the Trucker Path app, a trip planning companion for truck drivers, enabling a large driver community to assist each other in updating the real-time status of relevant points-of-interest on their route. Expanding on the success of the Trucker Path app, Trucker Path also introduced the Truckloads app, a mobile marketplace providing freight load matching with over 3 million loads posted monthly.
  • Cassel Salpeter:
    • Served as the exclusive financial advisor to the Company
    • Ran a competitive sales process contacting approximately 50 potential strategic acquirers, resulting in 6 indications of interest
  • Challenges:
    • The Company had a solid user base and software platform, but had not monetized the assets well
    • Company management and board dynamics
  • Outcome: In December 2017, Trucker Path was acquired by Renren. 

NephroGenex sold assets to Medpace Research

  • Background: NephroGenex, headquartered in Raleigh, NC, is a specialty pharmaceutical Company that focused on the development of therapeutics to treat kidney disease. Based on financial considerations, the firm decided to pause its two key programs: 1) its Phase III clinical program for oral Pyridorin for the treatment of diabetic nephropathy and 2) its Phase I ready program for IV Pyridorin for the treatment of acute kidney injuries.
  • Cassel Salpeter:
    • Served as the exclusive financial advisor to the Company
    • Served as restructuring advisor to debtor in a bankruptcy matter, identifying and contacting over 275 strategic and financial parties
  • Challenges:
    • Drug failed to show a significant effect over the placebo in Phase III clinical trails
    • Complexity and duration of bankruptcy proceedings
  • Outcome: On May 10, 2017, the United States Bankruptcy Judge for the District of Delaware entered an order confirming the Sale pursuant to a Plan of Reorganization under Chapter 11 of the Bankruptcy Code. The plan became effective on May 24, 2017.

The LANG Companies has been acquired by IG Design Group

  • Background: Headquartered in Waukesha, Wisconsin, The LANG Companies, Inc. is a leading supplier of specialty consumer and gift products, offering some of the most well-known brands in the industry. Lang delivers innovative and exclusive products while holding licensing rights for several professional sports league, college, and other brands.
  • Cassel Salpeter:
    • Served as exclusive financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 150 strategic and financial parties
    • Provided assistance throughout all phases of the sales process, due diligence, and auction through closing
  • Challenges:
    • Undertaking the sale of a specialized niche business within the declining calendar segment of the consumer products industry
    • Navigated the sale process after the Company underwent several strategic changes due to successful and failed initiatives
    • Maximized value and provided an exit for private equity investors and shareholders, while identifying a strategic partner looking to continue the legacy of the Company
  • Outcome: In July 2016, The LANG Companies, Inc. was sold to IG Design Group plc, a UK based designer and manufacturer of gift packaging and greetings, social expression giftware, stationery and creative play products.

IOS Health Systems has been acquired by Intermedix Corp.

  • Background: Headquartered in Miami, FL, IOS Health Systems is a leading innovator of cloud-based medical practice software platforms marketed under the Medios® brand. All of IOS’ products are provided as a Software as a Service (“SaaS”) offering and are fully integrated to address every aspect of the physician practice including clinical, financial, and patient engagement, by providing innovative solutions that enhance the way these organizations create, interact, and access health information technology.
  • Cassel Salpeter:
    • Served as exclusive financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 100 strategic and financial parties
    • Provided assistance throughout all phases of the sales process, due diligence, and auction through closing
  • Challenges:
    • Successfully monetizing intellectual property and technology in the sales price
    • Navigation through three different technology audits in addition to the financial and operational due diligence
  • Outcome: In November 2014, IOS Health Systems, Inc. was sold to Intermedix Corp., a Fort Lauderdale, FL based healthcare services and solutions company, owned by Thomas H. Lee Partners.

DynaVox Sold assets to Tobii Technology

  • Background: DynaVox, headquartered in Pittsburgh, PA, has become the industry standard in augmentative and assistive communication technology. DynaVox develops and markets software, devices, and content to assist people in overcoming their speech, language, or learning challenges.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 90 strategic and financial parties
    • Provided assistance throughout all phases of the sales process, due diligence, and auction
  • Challenges:
    • Expedited sales timeline with only three weeks to identify and bring parties to auction
    • Less-than-cooperative secured lender
  • Outcome: In May 2014, DynaVox, Inc. was sold to Tobii Technology AB, a Swedish-based technology company with offices worldwide.

InteliCoat Has been acquired by Exopack Holding Corp.

  • Background:  Headquartered in South Hadley, Massachusetts, InteliCoat develops and markets high-performance imaging products, custom coatings, and laminates, offering digital imaging substrates; fine art and photo media products; digital fine art media products; ink jet media products for the reprographics market; and ink jet proofing media products.
  • Cassel Salpeter:
    • Served as financial advisor to the Company
    • Ran a competitive sales process, identifying and contacting over 50 strategic and financial parties
  • Challenges:
    • Deteriorating economics and declining industry dynamics
    • Changing business model created legacy liabilities with respect to prior manufacturing facilities and lease obligations
  • Outcome: In August 2013, InteliCoat Technologies Digital Imaging Holdco, Inc., an affiliate of Sun Capital Partners, Inc., was sold to Exopack Holding Corp., an industry leader in precision-coated papers, films, and specialty substrates, based in Spartanburg, SC.