 Publications
Announcements
- Heartland Steel Sells Assets to Palm Ventures (June 3, 2010)
Bryant Park Capital is pleased to announce the sale of certain assets of Heartland Steel Products, Inc. to a limited liability corporation formed by Palm Ventures LLC. Heartland is a leading manufacturer of engineered steel racking systems and structural steel tubing based in Marysville, Michigan. Palm Ventures is a family investment firm focused on acquiring middle market companies and partnering with management to produce superior results.
Jim Bradshaw, CEO of Heartland Steel said, "Bryant Park Capital took the time to understand our business and had the vision to see the opportunity to turn the business around. Most importantly, Bryant Park found a very high quality firm in Palm Ventures. Despite the severe recession and related challenges to our business, Bryant Park was able to find a solution that worked for all parties."
Forbes Burtt, Managing Director of Bryant Park Capital added, "Given the economic times we live in, this was a challenging transaction to close. We were able to utilize an Article 9 foreclosure process to expedite the transaction and found a strong capital partner for Heartland Steel."
Bryant Park Capital acted as exclusive financial advisor to Heartland Steel in connection with this transaction.
- Jagged Peak Closes Senior Secured Debt Facility (March 3, 2010)
Bryant Park Capital is pleased to announce that it has arranged for a new Senior Secured Debt Facility for Jagged Peak, Inc. with a specialty finance asset manager. The new facility was used to refinance the existing senior secured debt, provide growth capital and working capital. Jagged Peak is a rapidly growing e-business software and services company headquartered in Tampa, Florida. The Company provides demand and supply chain management, CRM execution and e-fulfillment solutions and services.
Bryant Park Capital was hired in September 2009 to find replacement financing for Jagged Peak's existing secured debt facility which was maturing in mid December 2009. The existing lender did not wish to extend the facility as it was looking to reduce its lending exposure. Despite the tight timetable Bryant Park Capital was able to find the necessary financing for Jagged Peak to replace the existing lender and to provide additional growth capital.
Paul Demirdjian, Chief Executive Officer of Jagged Peak, said, "Bryant Park Capital worked quickly and efficiently to source flexible senior secured financing for us. Despite a difficult capital market environment they were able to find cost effective and flexible growth capital for us. We are also very pleased with our new financing partner".
Forbes Burtt, Managing Director of Bryant Park Capital added "We are very pleased to be able to work with such an exciting and growing company like Jagged Peak. Despite the challenging capital market climate we continue to be able to find attractive and growth oriented financial solutions for our clients".
Bryant Park Capital acted as exclusive financial advisor to Jagged Peak in connection with this transaction.
About Jagged Peak
Founded in 2000, Jagged Peak had established itself as a leading provider of enterprise commerce software and supply chain distribution services. The company is focused on providing web based solutions that enable clients to optimize their supply chains and effectively conduct B2B and D2C e-commerce. Its blue chip client roster include companies such as SunAmerica, Nespresso, Tag Heuer, Swatch, and Kenzo. Jagged Peak is publicly traded under the ticker symbol JGPK.
- CashReady Closes $50mm Portfolio Purchase Credit Facility (July 27, 2009)
Bryant Park Capital is pleased to announce that CashReady LLC, a leading provider of capital to small and medium sized businesses throughout the United States, has secured a $50 million credit facility from a multi-strategy alternative investment firm. The facility will be dedicated to the origination, funding and purchase of merchant cash advance portfolios in order to grow CashReady's business.
Bryant Park Capital formally launched the CashReady marketing process during the fourth quarter of 2008, in the midst of unprecedented financial turmoil. The global credit crunch choked off lending as U.S. loan issuances in 2008 plunged 55.0% from 2007. Bryant Park Capital professionals approached more than one hundred traditional and non-traditional financing sources, many of whom were also affected by the downturn in the markets and had pulled back on lending activity. Ultimately, Bryant Park Capital was able to culminate the process in bringing together CashReady with a financing source that recognized the future growth potential of the business.
Brandon Becker, President and Chief Executive Officer of CashReady LLC, said "Despite a difficult economic environment and tight credit markets, Bryant Park Capital professionals remained dedicated throughout the engagement and showed perseverance and resourcefulness in identifying an appropriate capital partner. The Bryant Park Capital team played an integral role in helping us navigate the process, adding significant value and insight each step of the way. We look forward to our continued work with Bryant Park Capital as we deploy the capital to help grow our business."
Joel Magerman, Managing Partner and Chief Executive Officer of Bryant Park Capital, added "We are excited to have secured CashReady the financing they need to execute on management's growth strategy. I believe that Bryant Park Capital has built a reputation for helping great businesses succeed in difficult situations, as shown through our proven track record in all market conditions and often under severe time constraints."
Bryant Park Capital acted as exclusive financial advisor to CashReady in connection with this transaction.
About CashReady
CashReady is a leading provider of capital to small and medium sized businesses. The company provides merchants with the necessary growth capital to expand their businesses, buy new equipment, launch new products, solve seasonal cash flow issues and manage inventory. Founded in 2003, CashReady has made available more than $60 million in merchant cash advances, servicing over 3,000 individual merchant accounts across all 50 states. CashReady, together with its affiliates, is the only vertically integrated firm in the merchant cash advance industry combining a captive sales channel and in-house payment processing services.
- Blyth, Inc. to Acquire ViSalus Sciences (August 4, 2008)
Blyth, Inc. (NYSE:BTH), a leading multi-channel designer and marketer of home fragrance products, home decor products and household convenience items, today reported that it has signed an agreement to purchase ViSalus Holdings, LLC through a series of investments through 2012. ViSalus is a direct seller of nutritional supplements, energy drinks and weight management products sold to consumers in the United States one-on-one by independent distributors, approximately half of whom are men.
Commenting on the investment, Robert B. Goergen, Blyth's Chairman of the Board and CEO, said, "Today's commitment builds further on Blyth's long-term focus on direct-to-consumer sales opportunities. Several years ago, we initiated a start up, Two Sisters Gourmet, which markets sauces, dips and related food products to consumers through the party plan method of direct selling. Now, we are entering the health and wellness category. Importantly, we are able to diversify within the direct selling channel with products that appeal to different consumer segments and do not compete with our core PartyLite business." Mr. Goergen continued, "Our partnership with the founders of ViSalus is mutually beneficial in that Blyth is entering into a third direct selling product category marketing consumable goods and ViSalus can leverage expertise from Blyth's direct selling core competency, as well as various corporate functions required by a growing enterprise. Moreover, longer term, our experience entering international markets should be beneficial to ViSalus's expansion."
ViSalus Holdings LLC was founded by Ryan Blair, Nick Sarnicola and Blake Mallen in March 2005. The founders and the ViSalus management team will retain their roles and lead the company.
"The stakeholders of ViSalus are thrilled that ViSalus will become a member of the Blyth family of companies. Our union with Blyth will provide significant resources, helping our Company to achieve its objectives," stated Ryan Blair, CEO of ViSalus Holdings LLC.
The acquisition of ViSalus by Blyth involves related parties. Several years ago, the Ropart Asset Management Fund I (http://www.ropart.com), a private equity vehicle owned by the Goergen family, provided seed capital for ViSalus, and one of Mr. Goergen's sons, who is not involved with Blyth, was elected to the Board of Managers of ViSalus. As a result, Blyth's Board of Directors took a number of additional steps designed to ensure that the transaction was considered, analyzed, negotiated and approved objectively and independently. Several months ago the board formed a committee comprised solely of independent directors to explore and analyze in detail the process by which management identified, proposed, analyzed and negotiated the acquisition to ensure that management was acting independently and in the best interests of Blyth and its shareholders.
The committee retained Bryant Park Capital, Inc. and received their opinion to the effect that, as of July 29, 2008 and based upon and subject to the matters stated in its opinion, the consideration to be paid by Blyth pursuant to the purchase agreement was fair from a financial point of view to Blyth. The committee retained the law firm of Morgan Lewis & Bockius, LLP to advise it with respect to the transaction. Following this process and after consideration of the relationships and the interests of the Goergen family, the independent members of Blyth's board concluded based on the recommendation of the committee that the transaction is in the best interests of Blyth and approved the transaction.
Blyth, Inc., headquartered in Greenwich, CT, USA, is a Home Expressions company that markets an extensive array of home fragrance products, decorative accessories, seasonal decorations and household convenience items. The Company sells its products through multiple channels of distribution, including the home party plan method of direct selling, as well as through the wholesale and catalog/Internet channels. Blyth also markets tabletop lighting and chafing fuel for the Away From Home or foodservice trade. The Company manufactures most of its candles and chafing fuel and sources nearly all of its other products. Its products are sold direct to the consumer under the PartyLite(r) and Two Sisters Gourmet(tm) brands, to retailers in the premium and specialty retail channels under the Colonial Candle(tm), CBK(r) and Seasons of Cannon Falls(r) brands, to retailers in the mass retail channel under the Sterno(r) brand, to consumers in the catalog and Internet channel under the Miles Kimball(r), Exposures(r), Walter Drake(r), The Home Marketplace(r), Easy Comforts(tm) and Boca Java(tm) brands, and to the Foodservice industry under the Sterno(r), Ambria(r) and HandyFuel(r) brands. In Europe, Blyth's products are also sold under the PartyLite(r) brand. Blyth, Inc. may be found on the Internet at http://www.blyth.com.
ViSalus Holdings LLC. with offices in Troy, Michigan and Los Angeles, California, is a leading Weight Management and Nutritional Supplement maker utilizing the direct selling channel to distribute its products. The company provides innovative health solutions through high quality wellness products such as the Vi-PAK Advanced Anti-Aging and Energy System, ViSalus NEURO Smart Energy Drink, and the Trim Slim Shape Program for healthy weight loss and weight management.
ViSalus may be found on the Internet at http://www.visalus.com.
- Walgreens Completes Acquisition of I-trax/CHD Meridian Healthcare (May 1, 2008)
Walgreens (NYSE, NASDAQ:WAG) has completed its acquisition of I-trax, Inc., parent company of CHD Meridian Healthcare. CHD Meridian's services include primary and acute care, wellness, pharmacy and disease management services and health and fitness programming. The acquisition positions Walgreens as the leading provider of worksite health services. CHD Meridian, combined with Walgreens wholly-owned subsidiary and convenient care clinic manager, Take Care Health Systems, and Whole Health Management, acquired at the same time as I-trax, will form the platform for the new Walgreens Health and Wellness division. Chadds Ford, Penn.-based I-trax/CHD Meridian and Cleveland-based Whole Health will combine to operate under the name, Take Care Employer Healthcare Solutions.
On March 17, Walgreens announced its intent to acquire I-trax, Inc. in a cash transaction valued at approximately $278 million, including the assumption of debt. The $5.40 per share cash offer represented a 40% premium to the 10-day trading average. On April 25, Walgreens announced the successful completion of the tender offer for I-trax. On April 30, Walgreens completed its acquisition of I-trax through a merger in which all shares of I-trax common and preferred stock not validly tendered and purchased in the tender offer were converted into the right to receive cash consideration equal to the applicable tender offer purchase price per share. As a result of the merger, I-trax became a wholly-owned subsidiary of Walgreens and the shares of I-trax were withdrawn from trading on the American Stock Exchange.
For more detail see the press release.
I-trax has been a valued client of Bryant Park Capital, Inc. ("BPC") since 2003, when the enterprise value of the Company was approximately $30 million. Over the last 5 years we have provided ongoing support for I-trax and its management team and assisted the Company in increasing its value over 9 times.
- Walgreens Announces Successful Completion of Tender Offer for I-trax, Inc. (April 25, 2008)
Walgreens (NYSE, NASDAQ:WAG) announced today that Putter Acquisition Sub, Inc., its wholly owned subsidiary, has successfully completed its tender offers for all of the outstanding shares of common stock and preferred stock of I-trax, Inc. (AMEX: DMX). Based on preliminary information from the depositary for the offer, as of the expiration of the offer at 12:00 midnight, New York City time, at the end of April 24, 2008, stockholders had tendered and not withdrawn 40,576,068 shares, or approximately 96.3%, of I-trax's common stock and 214,067.33 shares, or approximately 98.6%, of I-trax's preferred stock. For more information, see the press release.
- Walgreen Co. To Purchase I-trax, Inc. (March 18, 2008)
We are pleased to announce that Walgreen Co. entered into a agreement to buy our client, I-trax Inc. (AMEX: DMX) for approximately $278 million, in an all cash transaction, including the assumption of about $18.3 million in net debt. An affiliate of Walgreens will commence a tender offer within 10 business days for all the outstanding common stock of I-trax at $5.40 per share representing a 40% premium to the 10 day trading average.
I-trax has been a valued client of Bryant Park Capital, Inc. ("BPC") since 2003, when the enterprise value of the Company was approximately $30 million. Over the last 5 years we have provided ongoing support for I-trax and its management team and assisted the Company in increasing its value over 9 times.
Frank A. Martin, Chairman of I-trax, Inc., said "BPC has been an exceptional partner for us, not just in service and analytical skills, but in providing real business advice that comes from actual operational experience in addition to their banking experience."
Bryant Park Capital acted as exclusive financial advisor to I-trax, Inc. and rendered a fairness opinon in connection with this transaction. For more detail, see the press release.
- I-trax Completes Acquisition of ProFitness Health Solutions (December 17, 2007)
I-trax, Inc. (AMEX:DMX - News), the parent company of CHD Meridian Healthcare, a leading provider of workplace healthcare and wellness solutions, announced today that it has completed its previously announced acquisition of ProFitness Health Solutions, LLC (PFHS) of Shelton, CT.
About I-trax
I-trax is a leading provider of integrated workplace health and productivity management solutions. Serving 105 clients in 35 states, I-trax offers on-site health centers through its CHD Meridian Healthcare, LLC subsidiary, which delivers primary care, acute care corporate health, occupational health and pharmacy care management services, as well as integrated disease management, wellness and disability management programs. CHD Meridian is focused on making the workplace safe, helping companies achieve employer of choice status, and reducing costs while improving the quality of care received and the productivity of the workforce. Managing employer-sponsored health centers for over 40 years, some of CHD Meridian Healthcare's clients include: BMW, Coors Brewing Company, Coushatta Casino Resort, Deutsche Bank, Eastman Chemical, Fieldale Farms, Horizon Blue Cross Blue Shield of New Jersey, Lowe's, Toyota and UnumProvident. For more information, visit www.chdmeridian.com.
Bryant Park Capital acted as financial advisor to I-trax, in connection with this transaction. For more detail, see the press release.
- I-trax Acquiring ProFitness Health Solutions (November 27, 2007)
On November 27, 2007, I-trax, Inc. (AMEX:DMX), the parent company of CHD Meridian Healthcare, the leading provider of workplace healthcare and pharmacy services, announced today that it has signed a definitive agreement to acquire ProFitness Health Solutions (PFHS) of Shelton, CT.
ProFitness Health Solutions, a privately held company, provides employer-sponsored wellness and fitness programs, along with occupational health services, in 22 states and three Canadian provinces for more than 50 clients. With nearly 500 employees located at more than 100 fitness and health centers, PFHS also provides wellness services remotely to its clients' employees at a significant number of locations.
"The demand for integrated health and wellness services at the workplace continues to grow at a rapid pace," said R. Dixon Thayer, chief executive officer of CHD Meridian Healthcare. "PFHS is an exceptional company and their services will enhance our differentiated offering to employers and further solidify our position as a leader in employee health and productivity".
"Joining forces with CHD Meridian Healthcare is a win-win for our clients and for our associates," said Tom Sabia, president and chief operating officer of PFHS. "CHD Meridian brings financial strength, management experience, clinical and operational excellence and corporate resources that will benefit our clients, their employees and our associates.
The combined organization will serve more than 150 clients and will have more than 300 total site locations throughout the United States and Canada. "We have already identified and started working on some mutual client and proposal opportunities, which is strong early confirmation of the leverage we expect to achieve through this acquisition," I-trax Chairman Frank A. Martin said.
The purchase price for the acquisition is $7,500,000, subject to certain adjustments as set forth in the definitive agreement. I-trax will deliver the purchase price as follows: $6,000,000 in cash; shares of I-trax common stock valued at $750,000; and a promissory note in the principal amount of $750,000. The shares will be held in escrow and the promissory note will be paid after I-trax completes its consolidated financial statements for 2008.
The companies are finalizing due diligence and an audit of PHFS's financial statements and have appointed a joint task force to integrate the organizations. The definitive agreement also remains subject to usual and customary closing conditions. The companies expect to close the transaction within 30 days.
About I-trax
I-trax is a leading provider of integrated workplace health and productivity management solutions. Serving 105 clients in 35 states, I-trax offers on-site health centers through its CHD Meridian Healthcare, LLC subsidiary, which delivers primary care, acute care corporate health, occupational health and pharmacy care management services, as well as integrated disease management, wellness and disability management programs. CHD Meridian is focused on making the workplace safe, helping companies achieve employer of choice status, and reducing costs while improving the quality of care received and the productivity of the workforce. Managing employer-sponsored health centers for over 40 years, some of CHD Meridian Healthcare's clients include: BMW, Coors Brewing Company, Coushatta Casino Resort, Deutsche Bank, Eastman Chemical, Fieldale Farms, Horizon Blue Cross Blue Shield of New Jersey, Lowe's, Toyota and UnumProvident. For more information, visit www.chdmeridian.com.
Bryant Park Capital acted as financial advisor to I-trax, in connection with this transaction. For more detail, see the press release.
- Allied Telesis Enters into $10 mm Revolver Line (October 20, 2007)
Allied Telesis, Inc., a wholly-owned subsidiary of Allied Telesis Holdings, K.K., a publicly traded company listed on the Tokyo Stock Exchange (TSE: 6835), entered on October 19 into a $10.0 million U.S.-based senior secured revolving credit facility. Founded in 1987, with seven development centers spanning Europe, Asia, New Zealand and North America, as well as sales, marketing and support offices in nearly every corner of the world, Allied Telesis is a global provider of secure Ethernet/IP access solutions and an industry leader in the deployment of IP Triple Play networks over copper and fiber access infrastructure. The company's product enable public and private network operators and service providers of all sizes to deploy scalable, carrier-grade networks for the cost-effective delivery of voice, video and data services.
Bryant Park Capital acted as exclusive financial advisor and placement agent to Allied Telesis, Inc. in connection with this transaction.
- Le Figaro acquires Ticketac (June 11, 2007)
Le Figaro has acquired Ticketac, one of the French leaders in the online ticketing sector. The transaction price was not disclosed. Aristea acted as exclusive financial advisor of Ticketac’s shareholders.
- Joel Magerman, CEO of Bryant Park Capital, receives ACG Due Diligence Award (May 8, 2007)
Excellence in Due Diligence Service
Bryant Park Capital (BPC) is pleased to announce that Joel Magerman, Managing Partner and CEO of BPC, received the first annual ACG DueDiligence Award for excellence in due diligence service. This distinction is given to a Merger and Acquisition service provider who has exhibited excellence in providing due diligence services.
The ACG awards committee remarked, "We set out to recognize outstanding contributions to the practice of merger and acquisition due diligence and the nominations we received were most impressive, giving our judges a difficult task in choosing just one winner in each category. We were pleased to award Joel Magerman with this accolade in connection with his firm's recent service to Enterra Energy Trust."
Enterra Energy Trust is a conventional oil and gas trust based in Calgary, Alberta. Bryant Park Capital acted as Enterra's exclusive financial advisor for a $300 million debt financing that allowed Enterra to complete its recent acquisition of producing assets located in Oklahoma.
The Association for Corporate Growth (ACG) (www.acg.org) is the premier global association for professionals involved in corporate growth, corporate development, and mergers and acquisitions for mid to large companies. Leaders in corporations, private equity, finance, and professional service firms focused on building value in their organizations belong to ACG. They recognize the multiple benefits of networking within an influential community of executives growing public and private companies worldwide. For 50 years, ACG members have focused on strategic activities that increase revenues, profits and, ultimately, stakeholder value. Today ACG stands at more than 7,000 members representing Fortune 500, Fortune 1000, FTSE 100, and mid-market companies in 42 chapters in North America, Europe and Asia.
- Destiny closes $2.16 million private placement (Feb 26, 2007)
Destiny Media Technologies, a developer of digital media distribution software, placed $2.16 million in stock and warrants with investors it didn't identify, through placement agent Bryant Park Capital, a member of the Concilio Network. Buyers received a 34% discount to Destiny Media's closing share price on Monday when the deal was completed and announced. Destiny's shares then rose 6.6% to close at 64 cents.
- Telkonet completes $10 million private placement (Feb 2, 2007)
Telkonet, Inc. (AMEX:TKO), the leader in providing in-building broadband access over existing electrical wiring, today announced that it has completed a private placement of 4.0 million shares of its common stock to two institutional investors for gross proceeds of $10 million. The proceeds of this offering will be used for general working capital needs and to assist in funding the company's strategic initiatives. Telkonet also has issued to these investors warrants to purchase 2.6 million shares of its common stock at an exercise price of $4.17 per share. These warrants expire five years from the date of issuance. Bryant Park Capital, a member of the Concilio Network, acted as financial advisor and placement agent to Telkonet in connection with this transaction.
- Enterra Energy Trust closes $178 million financing (Nov 21, 2006)
Enterra Energy Trust ("Enterra") announced that it has closed its previously announced underwritten financing of trust units and debentures and revolving term and operating credit facilities.
Pursuant to the underwritten financing, Enterra issued approximately 40.26 million of trust units at an issue price of $8.10 per trust unit and $138 million of unsecured subordinated debentures convertible into trust units at a price of $9.25 per trust unit. The debentures will have a face value of $1,000 per debenture, a coupon of 8.00% and a final maturity date of December 31, 2011. In addition, Enterra has established $200 million in revolving term facility and operating facility. The net proceeds from the offering, together with drawings under the credit facilities, are being used to repay in full all indebtedness under Enterra's outstanding bridge facilities incurred in part to finance the acquisition of Enterra's Oklahoma assets.
Bryant Park Capital, a member of the Concilio Network, acted as financial advisor to Enterra in connection with this transaction.
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