Cassel Salpeter & Co. Research
Advisory Approach
Cassel Salpeter & Co. is an independent investment banking firm founded in 2010 by James Cassel and Scott Salpeter, providing comprehensive M&A advisory, capital raising, fairness opinions, valuations, and restructuring services to middle-market and emerging growth companies. The firm operates with a thesis-driven approach combining institutional-quality transaction management with deep sector expertise across healthcare, technology, aerospace & defense, consumer products, and financial services.
The firm distinguishes itself through significant restructuring and bankruptcy capabilities, having facilitated numerous Chapter 11 Section 363 sales and complex restructurings. This special situations expertise, led by Chairman James Cassel and Managing Director Philip Cassel, positions Cassel Salpeter uniquely to handle distressed M&A scenarios that many boutique investment banks cannot navigate.
Cassel Salpeter's professionals collectively bring more than 100 years of experience, with the firm having completed hundreds of transactions nationwide. The team takes a hands-on approach, with senior partners personally involved at every stage of engagements—from initial strategic evaluation through closing.
Sector Focus
Cassel Salpeter operates as generalists with demonstrated depth across five primary verticals:
Healthcare & Life Sciences: The firm's healthcare practice, led by Managing Directors Ira Z. Leiderman and Margery Fischbein, has completed numerous transactions across clinical research organizations, hospitals, medical technology, and biotechnology. Representative deals include the sale of Central Research Associates to Flourish Research, Westchester General Hospital to Keralty Health Enterprise, CORD:USE Cord Blood Bank to Cryo-Cell International, Sunbelt Medical Financial to Unified Health Services, and Multi-Specialty Research Associates to M3-Wake Research.
Aerospace & Defense: Cassel Salpeter has demonstrated capabilities in sophisticated aerospace transactions, notably advising P3 Technologies—a custom turbomachinery engineering business specializing in high-speed rotors and cryogenic pumps for space, new energy, and medical markets—in its sale to Graham Corporation (NYSE: GHM).
Technology: The firm advises technology companies on M&A and capital raising, with particular experience in emerging technology sectors. The team produces quarterly Tech Deal Reports analyzing market trends and transaction activity.
Consumer Products & Services: Cassel Salpeter has represented consumer businesses including the $230 million sale of BrandsMart U.S.A., a leading appliance and consumer electronics retailer, to The Aaron's Company (NYSE: AAN), and the Chapter 11 sale of PLANTA restaurant chain to Anchorage Capital Group.
Transportation & Logistics: The firm's transportation experience includes the sale of Franmar Corporation, a South Florida school bus transportation provider, to Beacon Mobility (backed by Audax Group), and the $145 million Chapter 11 sale of Bird Global Inc. assets to Third Lane Mobility.
Deal Track Record
Cassel Salpeter has completed transactions across diverse industries, with notable recent activity including:
2025 Transactions:
- Sunbelt Medical Financial sale to Unified Health Services (sell-side advisor)
- PLANTA restaurant chain Chapter 11 sale to Anchorage Capital Group ($145M stalking horse bid)
2024 Transactions:
- Bird Global Inc. Chapter 11 sale of substantially all assets to Third Lane Mobility for $145 million
- Cyclo Therapeutics merger with Rafael Holdings (financial advisor to target)
2023 Transactions:
- P3 Technologies sale to Graham Corporation (NYSE: GHM)
- Franmar Corporation sale to Beacon Mobility
- Central Research Associates sale to Flourish Research Holdings
2022 Transactions:
- BrandsMart U.S.A. sale to The Aaron's Company for $230 million (financial advisor to seller)
- Multi-Specialty Research Associates sale to M3-Wake Research
Historical Transactions:
- Westchester General Hospital sale to Keralty Health Enterprise (2020)
- CORD:USE Cord Blood Bank sale to Cryo-Cell International
- Moviefone assets sale to Born In Cleveland LLC (2020)
- Various 363 bankruptcy sales and restructuring assignments
The firm has also facilitated complex debt financings and recapitalizations, including senior debt financing for Lakewood Organics and advisory roles in going-private transactions.
Process & Fee Structure
Cassel Salpeter runs institutional-quality sell-side and buy-side processes tailored to lower-middle market companies. Typical engagement structures include monthly retainers credited against success fees, with fees generally following modified Lehman or other standard investment banking formulas based on transaction value. The firm requires exclusivity and typically focuses on transactions above $10 million in enterprise value.
For restructuring and bankruptcy engagements, Cassel Salpeter offers specialized capabilities in Section 363 sale processes, stalking horse bid facilitation, and plan of reorganization support. The firm's special situations practice has developed significant expertise in distressed M&A, having represented both debtors and creditors' committees in high-profile Chapter 11 cases.
Buyer Network
Cassel Salpeter maintains relationships with a broad network of strategic buyers and private equity firms across the firm's industry verticals. Notable buyer relationships demonstrated in completed transactions include:
Private Equity: Anchorage Capital Group, Audax Group (through Beacon Mobility), Apollo Investment Corporation (through MidCap Financial), NMS Capital (through Flourish Research), Reynolda Equity Partners
Strategic Buyers: Graham Corporation, Unified Health Services, Keralty Health Enterprise, The Aaron's Company, M3-Wake Research, Cryo-Cell International, Graham Corporation
Financial Sponsors: The firm has worked with numerous financial buyers in restructuring contexts, including first and second lien holders in bankruptcy sales.
Competitive Positioning
Cassel Salpeter differentiates from other lower-middle market investment banks through:
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Restructuring Expertise: Few boutiques offer genuine Chapter 11 Section 363 sale capabilities. Cassel Salpeter's special situations practice, having handled complex bankruptcies like Bird Global ($145M) and PLANTA, provides unique value to distressed sellers and creditors.
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Healthcare Depth: The healthcare practice, led by former hospital operator James Cassel and Managing Director Ira Leiderman, brings operator-level understanding to hospital, clinical research, and life sciences transactions.
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Geographic Focus: As a Miami-based firm with 15 years of Florida market presence, Cassel Salpeter has deep relationships across the Southeast while maintaining national transaction capabilities.
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FINRA Registration: As a registered broker-dealer (CRD# 153522), the firm can handle the full spectrum of investment banking activities, including fairness opinions and valuations that non-registered boutiques cannot provide.
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Senior Partner Involvement: Unlike larger bulge bracket banks where clients may work with junior professionals, Cassel Salpeter's chairmen and managing directors are personally involved in every transaction.
Not a Fit If
Cassel Salpeter typically declines engagements below $10 million in enterprise value, pure asset sales without going-concern operations, or situations requiring limited process execution. The firm's value proposition lies in comprehensive, professionally-managed sale processes—not transactional referrals or limited-buyer approaches.
Team
Leadership:
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James Cassel - Chairman & Co-Founder: Investment banker and attorney with 40+ years of experience. Previously co-founded Capitalink (acquired by Ladenburg Thalmann), served as Vice Chairman and head of investment banking at Ladenburg Thalmann. Chairman and CEO of Indigo Acquisition Corp (NASDAQ: INAC), a $115M SPAC. Former chairman of hospital company, Liquidating Trustee of 1 GC Collections Creditors Liquidating Trust. JD from University of Miami School of Law, BS from American University.
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Scott Salpeter - President & Co-Founder: Finance and accounting background with 500+ fairness opinions, solvency opinions, and valuations. Certified Valuation Analyst. CFO of Indigo Acquisition Corp (NASDAQ: INAC). Previously co-founded Capitalink with James Cassel. Served as CFO for three publicly held corporations. BS in Commerce from Washington and Lee University.
Managing Directors:
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Philip Cassel - Managing Director: Led transactions including P3 Technologies sale to Graham Corporation, Franmar sale to Beacon Mobility, Bird Global bankruptcy sale, and PLANTA restructuring.
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Ira Z. Leiderman - Managing Director, Healthcare: Heads healthcare practice. Led Central Research Associates sale to Flourish Research, Sunbelt Medical Financial sale to Unified Health Services, and Multi-Specialty Research Associates sale to M3-Wake Research.
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Margery Fischbein - Managing Director, Healthcare: Healthcare practice leader with deep clinical research and hospital transaction experience.
Senior Team:
- Laura Salpeter - Director
- Joseph "Joey" Smith - Director (Aviation practice)
- Brian Valik - Director
- Marcus Wai - Vice President
- Chris Mansueto - Vice President
- Edward "Eddie" Kropf - Senior Associate
- Charles Davis - Senior Associate
- Francisco Belliard - Analyst
- Mason Waldron - Analyst
- Marina Mendelson - Office Manager
- Tahz Rashid - Associate
The firm's professionals collectively bring more than 100 years of experience.
Geographic Coverage
Headquartered in Miami, Florida at 3250 Mary Street, Suite 410. Primary markets include Florida and the Southeast United States, with the firm having completed transactions nationwide and internationally. The firm maintains a particular focus on Florida-based businesses, given its 15-year presence in the market and deep local relationships. Cassel Salpeter is registered to do business in California, Florida, Massachusetts, New York, and Texas.