| |   |  | | | | IBM Buying Lombardi Software
December 16, 2009 -- IBM has agreed to acquire Lombardi Software, an Austin, Texas-based developer of business process management software. No financial terms were disclosed. Lombardi has raised around $78 million in VC funding, from firms like Austin Ventures, InterWest Partners and Palomar Ventures.
| | Salem Partners Establishes Aerospace & Defense Industry Practice
LOS ANGELES, CA - June 2009 - Salem Partners, a Los Angeles-based investment bank and wealth management firm, is pleased to announce the establishment of its Aerospace and Defense Industry Practice with the acquisition of industry veterans Trevor Bohn and Sean Walker.
“For years Salem has been widely regarded as a thought leader in both the Life Sciences and Entertainment industries,” said John Dyett, co-founder and Managing Director. “We wanted to broaden our influence in the middle market, and targeted Aerospace and Defense as a key industry to do so.”
Co-founder Stephen Prough added, “Sean and Trev bring a unique combination of industry and operational expertise, deep strategic relationships and substantial international experience. Their leadership will give Salem Partners the kind of immediate credibility that is required to be a player in middle market Aerospace & Defense advisory services.”
Trevor Bohn, has amassed over a decade of A&D investment banking experience from Banc of America Securities LLC and McGladrey Capital Markets. “In a dynamic global supply chain, clients are looking for more than just plain vanilla M&A. Salem’s broad line of services will allow us to provide tailored solutions for our clients,” says Bohn.
“Despite the financial slowdown, aging fleets remain a constant issue with all carriers. Additionally, new defense programs, such as the F-35, continue to roll out. This translates into robust orderbooks, which points to significant opportunity for middle market M&A,” added Walker, who has over 20 years experience in A&D. As a former US Navy Officer, Walker served as a Radar Intercept Officer aboard the F-14B Tomcat. He joins Salem from McGladrey Capital Markets LLC.
Founded in 1997, Salem Partners (www.salempartners.com) is a Los Angeles-based investment bank and wealth management firm. The firm's investment banking practice represents independent and major media and entertainment conglomerates and growing companies in the technology and life sciences industries. Salem Partners Wealth Management provides investment advisory and other services to wealthy individuals, families and foundations.
| | Sean Walker Joins Salem Partners
LOS ANGELES, CA - May 2009 - Salem Partners, a Los Angeles-based investment bank and wealth management firm has appointed Sean Walker as a managing director in its investment banking group. Founded twelve years ago, Salem Partners provides mergers & acquisitions and capital raising services to clients in the entertainment, healthcare, aerospace & defense and technology industries.
Previously a director with McGladrey Capital Markets, Walker headed the company's healthcare investment banking group and was also an active contributor to the company's aerospace & defense group. With over a decade of experience in the capital markets, Sean has advised on numerous buy-side and sell-side transactions, capital raises and cross border transactions. In his new role, Walker will broaden Salem's healthcare practice with an emphasis on healthcare services, and also offer advisory services to clients in the aerospace & defense industry.
"We are delighted to welcome a middle market banker as experienced as Sean to our team. Sean expands the firm's industrial knowledge base and adds a network of relationships that will undoubtedly complement our practice," said Stephen Prough, co-founder of Salem Partners. "Sean's impressive cross border experience and his proven ability to get deals across the finish line make him a perfect fit within Salem Partners' investment banking practice. We look forward to him being a key figure at our firm," said John Dyett, also a co-founder.
"I'm honored to have the opportunity to work with Stephen and John and the other talented professionals at Salem Partners," said Walker. "I believe Salem Partners' unique combination of talent and diversified industry knowledge offers a compelling argument to any organization seeking premium investment banking services."
Walker joins Salem after serving as a top dealmaker at McGladrey Capital Markets which he joined in 2000. From 1990 to 1998, Walker served as an officer in the United States Navy, where he performed duties as a Radar Intercept Officer (RIO) aboard the F-14B Tomcat, and as an assistant adjunct professor at UCLA teaching Weapons Systems Engineering and Leadership and Management courses in the Naval Science Department. He received his Bachelor of Science from the Wharton School at the University of Pennsylvania and his Masters of Business Administration from the Anderson School at UCLA.
Founded in 1997, Salem Partners (www.salempartners.com) is a Los Angeles-based investment bank and wealth management firm. The firm's investment banking practice represents independent and major media and entertainment conglomerates and growing companies in the technology and life sciences industries. Salem Partners Wealth Management provides investment advisory and other services to wealthy individuals, families and foundations.
| | Salem Partners Wealth Management Ranked 22nd Nationally in Wealth Manager Magazine’s Annual Rankings
LOS ANGELES, CA - July 18, 2008 - Salem Partners Wealth Management (“SPWM”) has been ranked in the top 25 wealth management firms in the U.S. by Wealth Manager Magazine in their “Eighth Annual Wealth Manager Top Dogs Report.” Improving from last year, SPWM also ranked as the top firm in Los Angeles and fifth in the State of California. SPWM was founded in 2003 as a sister company to Salem Partners LLC, a Los Angeles-based investment banking firm. SPWM provides investment advisory and wealth management services for ultra-high net worth clients across the country. Both SPWM and Salem Partners are privately held. “We are pleased to be included in this year’s rankings,” said David Dodson, Director of Salem Partners Wealth Management. “Capital preservation is a key goal for our clients, and we are happy to have continued momentum in light of the difficult market conditions all firms are facing,” added John Dyett, co-founder of both SPWM and Salem Partners. “Our goal continues to be top ranked portfolio performance in all market environments, while never deviating from the high level of service we constantly seek to provide our clients,” said Stephen Prough, also co-founder of both firms. “We feel our inclusion in the ranking again this year validates our ability to meet this goal.” Wealth Manager Magazine’s annual rankings take into account the total assets a firm has under management as well as the total number of clients. Nearly 500 independent advisory firms were considered for the 2008 rankings.
The full report can be found in the July/August issue of Wealth Manager or online at www.wealthmanagermag.com. Salem Partners Wealth Management is a Registered Investment Advisor (RIA). | | Salem Partners Wealth Management Ranked 24th Nationally in Wealth Manager Magazine’s Annual Rankings
Salem Partners Wealth Management (“SPWM”) has been ranked in the top 25 advisory firms in the U.S. by Wealth Manager Magazine in their 2007 rankings. SPWM also ranked second in Los Angeles and seventh in the State of California.
SPWM was founded in 2003 as a sister company to Salem Partners LLC, a Los Angeles-based investment banking firm. SPWM provides investment advisory and wealth management services for ultra-high net worth clients across the country. Both SPWM and Salem Partners are privately held.
“We are honored to be considered for this ranking,” said Stephen Prough, co-founder of SPWM and Salem Partners. “We have desired from the outset to build a wealth management firm that provides clients with unparalleled investment expertise, attention to detail and service.”
“We are pleased to be recognized in this way,” added John Dyett, also a co-founder of both SPWM and Salem Partners. “We have always put our clients first, and we are glad that they continue to reward us with their business.”
Wealth Manager Magazine’s annual rankings take into account the total assets a firm has under management as well as the total number of clients. Over 500 independent advisory firms were considered in the 2007 rankings.
Salem Partners Wealth Management is a Registered Investment Advisor (RIA). | | Acquisition of Adams Respiratory Therapeutics by Reckitt Benckiser for $2.3 Billion in Cash
CHESTER, N.J. and SLOUGH, London, December 10, 2007 /PRNewswire-FirstCall/ -- Reckitt Benckiser Group plc (RB.L) ("Reckitt Benckiser") and Adams Respiratory Therapeutics ("Adams") today announce that they have entered into a definitive agreement under which Reckitt Benckiser will tender for the acquisition of Adams for $60 per share in cash, representing a total consideration for Adams' fully diluted share capital of approximately $2.3bn (1.1bn pounds Sterling). This transaction will be financed by Reckitt Benckiser by cash on hand and existing credit facilities.
Adams is a NASDAQ listed specialty pharmaceutical company, headquartered in Chester New Jersey, USA. Adams is exclusively focused on the development, commercialisation and marketing of pharmaceuticals for the treatment of respiratory disorders. Adams is currently active in the United States only and markets two brands; Mucinex(R), market leader in adult expectorants and Delsym(R), a leading cough suppressant. Mucinex represents most of Adams' sales.
Adams' net sales have grown from $14m in the fiscal year ending June 2003 to $332m for the fiscal year ending June 2007. A key driver of the company's growth has been the approval by the FDA in 2002 of the Mucinex patent protected extended-release guaifenesin product for chest congestion relief. Income before income taxes for the year ending June 2007 was $48m.
Adams is a specialty pharmaceutical company focused on the late-stage development, commercialisation and marketing of OTC and prescription pharmaceuticals for the treatment of respiratory disorders. In the fiscal year ending June 2007, Adams had net sales of $332m, income before income taxes of $48m (as reported), and gross assets of $318m under US GAAP. Adams financials will be restated onto Reckitt Benckiser policies on completion.
Adams has a manufacturing facility in Fort Worth, Texas for the production of adult Mucinex. Delsym is produced for Adams under a manufacturing supply agreement.
Adams has grown rapidly in recent years, with compound growth of net sales over the period Fiscal Year 2005- 2007 of 44%, and continuing growth to date in Q1 of the fiscal year to June 2008 of 22%.
The company has approximately 500 employees.
Reckitt Benckiser is headquartered in Slough just outside London, UK and is listed on the London stock exchange. With a market capitalization of c. 20bn pounds it ranks among the top 25 UK listed companies. Reckitt Benckiser had net revenues of 4.92bn pounds, operating profit of 910m pounds and net income of 674m pounds in 2006.
For more details, please go to http://www.drugs.com/news/acquisition-adams-respiratory-therapeutics-reckitt-benckiser-7361.html. | | Kabillion, LLC Completes Private Placement with EM.TV Salem Partners LLC is pleased to announce that Kabillion, LLC has closed a private placement for an undisclosed sum with EM.TV, a publicly-traded, Munich-based entertainment and sports company. Kabillion is a multi-platform children's entertainment production and distribution company that debuted January 2007 on the Comcast video-on-demand service, and on the web at www.kabillion.com. Kabillion creates and distributes via television, the Internet and mobile services animated programs such as Bobby's World, featuring Howie Mandel, and Mixmaster King of Cards. Salem Partners acted as an exclusive placement agent for the Company.
For more details, please go to http://www.marketwire.com/mw/release_html_b1?release_id=203342. | | Quinnova Pharmaceuticals, Inc. Completes $13.6 Million Series A Financing NEWTOWN, P.A. - November 28, 2006 - Quinnova Pharmaceuticals, Inc., a specialty dermatological pharmaceutical company focused on the development and commercial sale of prescription drug products based on innovative dermal drug delivery platforms, announced today that it has completed a $13.6 million Series A round of private financing. Participating in the financing are Thomas, McNerney & Partners, H.I.G. Ventures and an investor syndicate led by Omnivest (Bermuda) Ltd.
"We are very proud of Quinnova's progress in the relatively short time since the company's inception and the fact that this progress has allowed the company to attract an outstanding group of investors whose expertise and reach add tremendous value to Quinnova on a 'go forward' basis," stated Jeffrey S. Day, President, Chief Executive Officer and co-founder of Quinnova. "The funds raised in this financing will allow us to accelerate the development of our product pipeline and introduce the company's first dermatological prescription drug products to market in 2007."
As a result of the financing, three new members have joined Quinnova's board of directors: Alex Zisson, partner at Thomas McNerney & Partners, Aaron Davidson, managing director of H.I.G. Ventures, and Frits Besselaar, corporate officer of Omnivest (Bermuda) Ltd.
"We're very pleased to be backing Jeff and Chris, and helping to prepare for Quinnova's first commercial launches next year," stated Alex Zisson. "We also see a great opportunity to invest in the company's delivery platforms and assure a continual stream of new products in the future."
"Our investment in Quinnova represents an exciting opportunity to build a new company focused on the high growth market for dermatological products," stated Frits Besselaar. "We look forward to working closely with the company in an effort to maximize the potential for its current and future pipeline of products."
John Dyett of Salem Partners, LLC, served as the company's placement agent, and handling the transaction for Quinnova was Christopher S. Brennan, the company's EVP Operations, General Counsel and co-founder, as well as Ella DeTrizio and Sara Bucholtz from Dechert LLP. Thomas, McNerney & Partners and H.I.G. Ventures were represented by Kristopher Brown and Jesse Yeo from Ropes & Gray LLP and Omnivest (Bermuda) Ltd. was represented by Todd Johnston and Matthew Weingast of Drinker Biddle & Reath LLP.
About Quinnova Pharmaceuticals, Inc.
Quinnova Pharmaceuticals, Inc. is a specialty dermatological pharmaceutical company focused on the development and commercial sale of prescription drug products based on in-licensed dermal drug delivery platforms. The company employs a "reformulation strategy" whereby already-proven safe and effective pharmaceutical ingredients are delivered, either individually or in combination, in unique, effective, convenient, cosmetically elegant and patent protected delivery systems. By employing this strategy, the company will use its own sales force to bring dermatological prescription drug products to the commercial market on a relatively short development timeline by significantly reducing the regulatory hurdles for entrance into the marketplace for a substantial portion of its product pipeline. Additionally, the company's portfolio of versatile drug delivery systems lends itself to out-licensing and corporate partnering opportunities beyond the core portfolio of drug products that the company itself develops. For more information, please visit: www.quinnova.com.
About Thomas, McNerney & Partners
Thomas, McNerney & Partners, LLC, is a health care private equity firm that invests in life science and medical technology companies. Employing a multi-stage investment approach, Thomas, McNerney & Partners has just under $600 million in assets under management and provides seed and early stage funding to help entrepreneurs launch companies, as well as growth capital to emerging companies for furthering clinical development or for expansion of product commercialization. For more information, please visit: www.tm-partners.com.
About H.I.G. Ventures
H.I.G. Ventures partners with entrepreneurs to provide the capital, expertise and relationships necessary to build market-leading businesses. With over $550 million in dedicated venture capital under management, the firm's team invests nationally in early, mid and growth-stage information technology and life sciences businesses. H.I.G. Ventures is the venture capital affiliate of H.I.G. Capital, a leading private equity investment firm with over $3 billion of capital under management. H.I.G. Ventures has offices in Atlanta and Miami. For more information, visit www.higventures.com. About Omnivest (Bermuda) Ltd.
Omnivest (Bermuda) Ltd. is an investment holding company based in Bermuda and is advised by Princeton Investment Advisors, Inc. (PIA), which is located in Princeton, New Jersey. Omnivest's multi-million dollar investment portfolio consists of a variety of onshore and offshore investments. PIA was founded in 1992 by Mr. Frits Besselaar who is the company's current president and chief investment officer. During Mr. Besselaar's tenure at PIA, Omnivest has invested in many highly successful investment partnerships, with investment mandates that have focused on distressed debt, convertible arbitrage, event driven transactions, long/short equity, private equity and buy-outs.
About Salem Partners LLC
Salem Partners is a Los Angeles based investment bank which provides capital raising and merger & acquisition advisory services to companies in the life sciences, technology and media industries. Founded in 1997, Salem Partners has completed transactions with aggregate value of over $3 billion. For more information, please visit: www.salempartners.com. |
| Salem Partners Wealth Management Hires David Dodson as Director, Wealth Management Salem Partners, a leading Los Angeles-based investment bank and wealth management firm, has appointed David Dodson as a director of its wealth management group. Salem Partners Wealth Management provides customized investment solutions in a multi-family office environment. Previously a Vice President of Essential Advisers, Inc., Mr. Dodson has been a wealth management professional for ten years during which time he has advised families with a diverse set of interests, backgrounds and financial assets. For Salem, Mr. Dodson will lead the firm's wealth management practice together with head of operations Goli Kamangar and Salem Partners founders Stephen Prough and John Dyett. Mr. Dodson will oversee the firm's investment and asset allocation team. "We are delighted to welcome someone as experienced as David to our wealth management practice. David's focus on client service as well as his energy and enthusiasm for the business makes him a perfect fit for the Salem Partners culture," said Stephen Prough, co-founder of Salem Partners. "David is the ideal leader for our wealth management team. His experience in all aspects of serving the business and financial interests of families will ensure that our clients continue to receive the best possible advice and attention regarding their financial lives," said John Dyett, also a co-founder of the firm. "I am excited to be a part of the Salem Partners' Wealth Management team. The sophistication and energy the firm brings to servicing its clients is infectious. I look forward to applying my expertise and adding value in every way I can to benefit our clientele," said Mr. Dodson. Mr. Dodson joins Salem after serving as Vice President and Portfolio Manager for Essential Advisers, Inc., a wealth management firm in Denver serving ultra affluent investors. While at Essential, Mr. Dodson was responsible for the design, implementation and management of Essential's client portfolios, deploying a wealth of investment and analytical skills for the benefit of clients. Additionally, Mr. Dodson designed and managed Essential's disciplined Large Cap Growth stock portfolio and played an integral role in serving clients. Before joining Essential Advisers, David was Director of Investment Planning for a billion dollar investment management firm in Overland Park, Kansas. Mr. Dodson holds a Masters of Science in Finance degree from the University of Denver and a Bachelor of Science in Business Administration from the University of Kansas, is a Chartered Financial Analyst Charterholder, a Certified Financial Planner® Certificant and a member of the Denver Society of Securities Analysts. Founded in 1997, Salem Partners (www.salempartners.com ) is a leading Los Angeles-based investment bank and wealth management firm. The firm's investment banking practice represents independent and major media and entertainment conglomerates and growing companies in the technology and life sciences industries. Recent transactions completed by Salem Partners include the $160 million sale of the film and television library of Crown Media Holdings, Inc. to RHI Entertainment and the $13.6 million private placement of Series A preferred stock for Quinnova Pharmaceuticals, Inc. Salem Partners Wealth Management provides integrated wealth management services for highly affluent individuals, families and foundations. | | Crown Media Holdings, Inc. Enters Into Definitive Agreement To Sell Its Film and Television Library to RHI Enterprises, LLC for $160 Million We are pleased to announce that Crown Media Holdings, Inc. has entered into a definitive agreement to sell its film and television library to RHI Enterprises, LLC for $160 million in cash. Through the transaction, RHI Enterprises, LLC has acquired various rights to film and television properties including The Odyssey, Lonesome Dove, the Farscape series, Gulliver's Travels, the Quintex / Hal Roach library titles including Topper, Laurel and Hardy titles, and Little Rascals titles, and other libraries from Kushner Locke and Cabin Fever, among others. Salem Partners, LLC acted as financial advisor to Crown Media Holdings, Inc. in connection with the transaction. Read Company press release. | |
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