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.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/NephroGenex.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2017-05-01 17:35:072020-12-08 14:39:11NephroGenex sold assets to Medpace Research
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.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/TheLang_logo.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2016-07-01 17:36:072020-12-08 14:39:39The LANG Companies has been acquired by IG Design Group
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.
https://www.casselsalpeter.com/wp-content/uploads/2017/06/casestudylogo-ioshealth.jpg250250adminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngadmin2014-11-01 13:19:412020-12-08 14:42:19IOS Health Systems has been acquired by Intermedix Corp.
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.
https://www.casselsalpeter.com/wp-content/uploads/2017/06/casestudylogo-dynavox.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2014-05-01 17:39:592020-12-08 14:42:29DynaVox Sold assets to Tobii Technology
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.
https://www.casselsalpeter.com/wp-content/uploads/2017/06/casestudylogo-intellicoat.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2013-08-01 17:42:182020-12-08 14:42:41InteliCoat Has been acquired by Exopack Holding Corp.
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.
https://www.casselsalpeter.com/wp-content/uploads/2017/06/casestudylogo-gilman.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2013-06-01 17:41:402020-12-08 14:42:49Gilman Ciocia merged with National Holdings Corporation
Background: Headquartered in Easton, PA, Wolper is a full-service information management resource, providing customized solutions for subscription management and related resources including print and electronic, foreign and domestic magazine and journal subscriptions, as well as books and e-books, databases, site licenses, and state-of-the-art information management tools.
Cassel Salpeter:
Served as financial advisor to the Company
Challenges:
Family business needing larger platform to continue to compete with growing U.S. competitors
Significant cultural differences with purchaser created many deal obstacles
Outcome: In December 2012, Wolper Subscription Services, Inc. was sold to LM Information Delivery, a competitor of the Company, with headquarters in Finland.
https://www.casselsalpeter.com/wp-content/uploads/2017/06/casestudylogo-wolper.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2012-12-01 17:44:222020-12-08 14:43:19Wolper Subscription Services has been acquired by LM Information Delivery
Background: Headquartered in Easton, PA, Wolper is a full-service information management resource, providing customized solutions for subscription management and related resources including print and electronic, foreign and domestic magazine and journal subscriptions, as well as books and e-books, databases, site licenses, and state-of-the-art information management tools.
Cassel Salpeter:
Served as financial advisor to the Company
Challenges:
Family business needing larger platform to continue to compete with growing U.S. competitors
Significant cultural differences with purchaser created many deal obstacles
Outcome: In December 2012, Wolper Subscription Services, Inc. was sold to LM Information Delivery, a competitor of the Company, with headquarters in Finland.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/Dever_logo.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2012-12-01 17:42:342020-12-08 14:43:23Dever has been acquired by Von Allmen Capital Partners
Background: Headquartered in Miami, FL, Avanti is an innovative leader in the consumer appliances industry, targeting the niche compact home appliances sector and offering consumers a complete line of products, including microwaves, gas and electric ranges, dishwashers, portable laundry machines, water dispensers, upright and chest freezers, and compact and mini-kitchens.
Cassel Salpeter:
Served as financial advisor to The Mackle Company, Inc. (owner of Avanti Products)
Ran a competitive sales process, identifying and contacting over 80 financial parties
Challenges:
Achieve significant price for family owner, while transitioning Avanti management team to minority ownership with private equity partners
Low growth business in a competitive space
Outcome: In November 2012, Avanti was sold to the Avanti Management Team and Gen Cap America, Inc., a private equity firm based in Nashville, TN.
https://www.casselsalpeter.com/wp-content/uploads/2017/06/casestudylogo-avanti.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2012-11-01 17:43:142020-12-08 14:43:30Avanti has been acquired by the Avanti Management Team and Gen Cap America
Background: Headquartered in Delray Beach, FL, S&H Solutions provides a software loyalty platform that enables retailers to create, manage, and enhance customer loyalty programs anddeliver real-time, personalized marketing and shopper insights. The Company is a descendant of S&H Green stamps, widely known as the original loyalty marketing program that distributed billions of stamps that consumers collected and redeemed for merchandise.
Cassel Salpeter:
Was mandated to sell S&H on behalf of the parent Company
Ran a competitive sales process, identifying and contacting over 100 strategic and financial parties
Challenges:
Potential contingent liabilities
Changing business model towards SaaS based revenue
S&H business relationship with parent’s other businesses
Non-core operation of parent, operating within a rapidly changing technology environment
Outcome: In April 2012, S&H Solutions was sold to ProLogic Redemption Solutions, a portfolio company of Marlin Equity Partners and one of the industry’s largest clearinghouses for manufacturer coupons.
https://www.casselsalpeter.com/wp-content/uploads/2019/11/Solutions_logo.jpg250250roaradminhttp://www.casselsalpeter.com/wp-content/uploads/2021/05/CS-Logo-for-Assets-Post-10-Year-Branding_Website_04.28.21_Draft01.pngroaradmin2012-04-01 17:44:542020-12-08 14:43:49S&H Solutions has been acquired by ProLogic Redemption Solutions
