G.F. Gay Le Breton And Liam Norton, Chaffe & Associates Inc.
https://bit.ly/Chaffe-CB-Mar24
Six greater New Orleans area companies were sold or made acquisitions in the month of February.
New Orleans-based ChapterSpot, the leading provider of CRM and member management software for fraternal and chapter-based organizations, sold to Michigan-based Billhighway, a provider of financial management solutions for fraternal organizations and associations.
ChapterSpot founders Joe McMenemon and Brendan Finke are Tulane alumni who chose to keep their startup in the Crescent City, opting for the benefits of New Orleans’ Idea Village incubator program. The decision paid dividends, with ChapterSpot going on to win the Coulter IDEApitch competition at New Orleans Entrepreneur Week in 2013. The company participated in the Goldman Sachs 10,000 Small Business program, and grew to be utilized by over 6,000 organizations in the U.S., Canada and the U.K.
McMenemon had this to say regarding the transaction: “ChapterSpot joining forces with Billhighway creates a comprehensive, powerful and scalable technology solution. We are now uniquely able to deliver a best-in-class system — one that is seamless throughout the member lifecycle from recruitment to dues, from chapter operations to financial management, from donor management to housing. Together, as one company, we are deeply committed to the success and growth of the fraternal community and each of our clients.”
Terms of the transaction were not disclosed.
Also in New Orleans, E.N. Bisso & Sons Inc. completed its purchase of Seabulk Towing Inc. from Seacor Holdings Inc., which was announced in September 2023. E.N. Bisso, a provider of harbor tug services established in 1880, has now added five additional ports to its Louisiana, Mississippi and Florida operations. Those include Mobile, Alabama; Tampa, Florida; Port Manatee, Florida; Miami, Florida; and Port Everglades, Florida. The company has also added 12 harbor tugs to its fleet, five of which are advanced Rotortugs.
Contemporaneously with that closing, E.N. Bisso sold Seabulk’s Port Canaveral, Florida operations and assets to Marine Towing of Port Canaveral, a newly-created affiliate of Marine Towing of Tampa. Financial terms of that transaction were not released.
In St. Tammany Parish, Stirling Properties announced that it acquired Beck Partners, a leading commercial real estate firm located in Northwest Florida. The Beck acquisition adds 30 commercial real estate professionals, over 1.5 million square feet of managed commercial properties, and an active brokerage in the state of Georgia to Stirling’s portfolio.
According to the CEO of Stirling Properties, Townsend Underhill, “It has been a remarkably rewarding experience getting to know the Beck Team and learning about their outstanding business and culture. Beck’s lines of business and expertise align well with Stirling’s and complement our geography as we continue to grow our presence in the Gulf South.”
Stirling Properties, which already had a small presence in Florida, will achieve a significant increase in its Florida market share as a result of the deal.
In Jefferson Parish, Metairie’s oldest Japanese restaurant has been sold. Shogun, formerly owned by Masako “Peggy” Kamata, has transitioned to new proprietors, a husband and wife team, Xikai “Neil” Yao and Yanrong “Davina” Wang. The couple have previously purchased three other New Orleans restaurants when their founders were ready to retire: Sake Café on Magazine St, and Chinese Kitchen and Five Happiness in Gert Town. Shogun, which was opened in 1982, is known for its sushi, and as a place where sushi chefs learn their craft before often proceeding on to other venues.
Finally, two New Orleans area private equity firms made equity investments last month. Black Bay Energy Capital invested in Oklahoma-based Capture Energy LLC. Black Bay’s growth capital will allow that company to increase the production and distribution of its Capture Compressor, patent-pending equipment designed to eliminate emissions associated with pneumatic control valves and associated infrastructure.
Meanwhile, LongueVue Capital LLC invested in California-based Kingston Brass, Inc., a designer and distributor of kitchen and bathroom fixtures, bathtubs and accessories. The purpose of the investment is to accelerate growth.
Terms of neither transactions were disclosed.
G.F. Gay Le Breton is managing director for Chaffe & Associates Inc., responsible for the corporate finance activities of the firm. Liam Norton is a corporate finance analyst with the firm. Investment banking services are provided by Chaffe Securities Inc., member FINRA/SIPC. For more information, visit https://chaffe-associates.com.