GlassBridge Enterprises, formerly known as Imation Corporation, is a U.S. publicly-owned company focused on its alternative asset management platform. The Company’s wholly-owned subsidiary, GlassBridge Asset Management, is a registered investment advisor focused primarily on technology-driven and quantitative strategies.
Clinton Group, Inc. is a multi-strategy investment manager, managing separate client-focused portfolios and investing in public equity and fixed income markets. The firm, founded in 1991 and based in New York City, employs a long/short equity strategy that employs a combination of fundamental and quantitative analysis to create its portfolios.
This transaction allowed GlassBridge to effectuate its strategic transformation into a publically-owned alternative asset manager whose funds will have access to investment capacity of up to $1 billion under its sub-advisor agreement with the Clinton Group for an initial term of five years, in exchange for the issuance of up to 15 million shares of GlassBridge common stock in lieu of payment of cash management fees. Glassbridge’s funds initially will be managed, initially, in conjunction with Clinton’s quantitative equity strategy.
Nexsan, headquartered in Campbell, CA. is a leading developer and marketer of block and file object storage systems ranging from backup, databases or exchange, scalable and highly-flexible NAS file systems to hyper unified system integrating global private-cloud file sync functionality and secure archiving.
GlassBridge Enterprises, formerly known as Imation Corporation, is a U.S. publicly-owned company focusing on alternative asset management and global enterprise storage. The Company is actively exploring a diverse range of new, strategic asset management business opportunities for its portfolio. The Company’s wholly-owned subsidiary, GlassBridge Asset Management, is a registered investment advisor focused primarily on technology-driven and quantitative strategies.
This transaction enabled GlassBridge to deploy its resources toward the development and expansion of its alternative asset management platform. In exchange for GlassBridge’s interest in Nexsan, GlassBridge received a senior secured convertible note with a face amount of $25 million and common shares in NXSN Acquisition Corporation, an affiliate of Spear Point Capital Management.
Case, Pomeroy is a diversified real estate investment firm with interests in rental apartment complexes, shopping centers, office buildings and condominiums located primarily in the southeastern United States. In addition, the Company invests in public market equities and other alternative class investments.
CP Newco acquired all of the outstanding shares of Class A and Class B common stock of Case Pomeroy not already owned by CP Newco for $1,855 per share, representing an aggregate value for the Company of $280 million.
Cypress advised CP Newco, Inc. in connection with the merger with Case, Pomeroy & Company, representing shareholders of Case Pomeroy, who owned 71% of the Company. Cypress also rendered a fairness opinion in connection with the transaction.
In July 2006, Cypress was engaged by COM DEV, a leading global designer and manufacturer of space hardware subsystems, to advise and evaluate strategic acquisition opportunities to expand the Company’s presence in the United States; specifically, investing in a U.S. defense platform to aggressively pursue U.S. defense and civil space programs.
Cypress evaluated a number of potential targets and assisted in exploring, both on an informal and formal basis, transactions with several parties.
The Passive Microwave Devices Business residing within L-3’s Electron Technologies was identified to have an established U.S. market presence with a number of legacy and prospective contracts on major ongoing US government and commercial satellite programs in addition to a strong base of engineering talent and infrastructure.
Cypress advised COM DEV in all phases of the transaction including, among others, the structuring and negotiations with L-3, financial and program-level due diligence, valuation and formulation of the asset purchase agreement.
As a result of the acquisition, Com Dev was able to forego millions of dollars in capital expenditures previously estimated to be required to fund the build-out of its California operation as well as significantly accelerate its business plan.
Countryside Power Income Fund is an unincorporated, open-ended limited purpose trust formed to invest indirectly in biogas projects and district energy systems. The biogas projects are located in the United States, and the district energy systems are located in Canada.
Cypress advised the Board of Trustees of Countryside Power Income Fund in connection with the acquisition of Ripon Cogeneration, LLC, a portfolio company of Lightyear Capital, LLC. Cypress also provided a fairness opinion to the Board of Trustees with respect to certain related party matters.
Cypress advised Cenveo, Inc. in connection with the sale of Supremex Inc. to the Supremex Income Fund. Cenveo sold Supremex to Fund for total consideration of approximately $335 million.
Cenveo is one of North America’s leading providers of visual communications with one-stop services from design through fulfillment. The company’s broad portfolio of services and products include e-services, envelopes, offset and digital printing, as well as printed office products. The company is uniquely positioned by serving both direct customers through their commercial segment and wholesalers and value-added resellers through its resale segment.
Supremex provides stock and custom manufactured envelopes and related products to both Canadian and U.S. customers in both the private and public sectors, generating revenues of approximately $160.0 million and adjusted EBITDA of approximately $40.0 million.
Cypress acted as financial advisor to Cenveo. Cypress also rendered a fairness opinion in connection with the transaction.
Cenveo, Inc. is the third largest diversified commercial printer in North America with leading worldwide market share for envelope products and content and production offerings to publishers of scientific, technical and medical journals.
Nashua Corporation is a leading manufacturer and marketer of labels and specialty papers in the United States. Its primary products include thermal and other coated papers, wide-format papers, pressure-sensitive labels, tags, and transaction and financial receipts. Nashua is a recognized leader in the production of pharmaceutical, scale and shelf labels for customers in the pharmacy, retail and grocery markets.
Cypress acted as financial advisor to Cenveo in connection with the acquisition of Nashua and also rendered a fairness opinion to the Cenveo Board of Directors in connection with the transaction. Cypress worked closely with Cenveo’s senior management and Board of Directors throughout the acquisition process and assisted in due diligence, negotiation and structuring of the transaction.
Cypress Associates LLC is pleased to announce that the firm acted as financial advisor to StoneMor GP LLC, the general partner of StoneMor Partners L.P. (NYSE: STON) (“StoneMor Partners”), in connection with two transactions with American Cemeteries Infrastructure Investors, LLC (“ACII”), an affiliate of American Infrastructure MLP Funds. The first transaction was ACII’s purchase, directly and indirectly, of a majority of the membership interests of StoneMor GP LLC from certain unitholders. The second transaction was ACII’s purchase of $55 million in StoneMor Partners common units to fund the long-term lease agreement of 13 cemeteries owned by the Archdiocese of Philadelphia. Dividends on the common units are, at the option of StoneMor GP, payable in registered common units rather than cash for up to four years. Cypress Associates LLC rendered fairness opinions in connection with both transactions and both transactions closed on May 21, 2014.
StoneMor Partners L.P. headquartered in Levittown, Pennsylvania, is an owner and operator of cemeteries and funeral homes in the United States, with 278 cemeteries and 90 funeral homes in 28 states and Puerto Rico. StoneMor is the only publicly-traded deathcare company structured as a master limited partnership.
Cypress Associates LLC is pleased to announce the completion of the sale of Urology of Indiana’s radiation assets to a new company jointly owned by Urology of Indiana, LLC (UOI) and Vantage Oncology, LLC (Vantage). As a result of the transaction, UOI and Vantage plan to grow high quality radiation therapy services in the state of Indiana through a combination of strategic insight, application of clinical best- practices and a patient centered approach.
Urology of Indiana, LLC is the largest urology practice in greater Indianapolis and is a leading provider of radiation therapy treatment in the state of Indiana through its two Centers for Prostate Cancer (CPCs). UOI has operated CPCs in Indianapolis since 2006 and provides a comfortable experience to prostate cancer patients while delivering the highest quality of care. Prior to the transaction, the CPCs were wholly owned by UOI.
Founded in 2002, Vantage Oncology, LLC develops and operates radiation oncology centers of excellence through acquisitions and joint ventures. The company seeks to address the growing need among cancer patients, hospitals and physicians for easily accessible and advanced radiation treatment therapies. Vantage Oncology currently operates 63 treatment facilities in 15 states.
As a result of the transaction, UOI and Vantage plan to grow high quality radiation therapy services in the state of Indiana through a combination of strategic insight, application of clinical best- practices and a patient centered approach. Cypress Associates LLC acted as financial advisor to UOI in the sale of its radiation assets to a new company jointly owned by UOI and Vantage.
Columbus Prostate Cancer Center, LLC (CPCC) is a leading provider of radiation therapy treatment in Central Ohio. CPCC has operated in Columbus, Ohio since 2008 and provides a comfortable experience to prostate cancer patients while delivering the highest quality of care. Prior to the transaction, CPCC’s majority owner was Central Ohio Urology Group, Inc. (COUG), the largest urology practice in greater Columbus.
Founded in 2002, Vantage Oncology, LLC develops and operates radiation oncology centers of excellence through acquisitions and joint ventures. The company seeks to address the growing need among cancer patients, hospitals and physicians for easily accessible and advanced radiation treatment therapies. Vantage Oncology currently operates 47 treatment facilities in 12 states.
As a result of the transaction, COUG and Vantage plan to grow high quality radiation therapy services in Central Ohio through a combination of strategic insight, application of clinical best-practices and a patient centered approach.
Cypress Associates LLC acted as financial advisor to CPCC in the sale of its assets to COUG and Vantage.
