EVENT DETAILS
Time: 8:00 A.M. – 10:00 A.M.
Location: Suffolk Federal Credit Union Arena
HIA-LI Executive Breakfast: Campolo on Panel to Discuss His Efforts on Revitalizing the LI Economy
Event Date: May 26th, 2022
News (All)
CMM Cares Charity Golf Outing
Event Date: June 6th, 2022
Join CMM Cares for a day on the course at their Annual Charity Golf Outing taking place on June 6, 2022! The event will be held at St. George’s Golf & Country Club in East Setauket, NY. This 18 hole golf facility was built in 1917 by the famed architect Devereux Emmet. St. George’s is known for its firm fairways, small greens, and numerous bunkers.
The afternoon shotgun will be followed by a cocktail reception to recognize their 2022 Community Leader Honoree, Sal Ferro, CEO of Alure Home Improvements. Sal was named Long Island’s Most Philanthropic Person by The Long Island Press and was presented the Harry Chapin Humanitarian Award for Community Service by the Long Island Association.
Ticket sales and sponsorships will benefit CMM Cares, Inc., a registered 501(c)(3) nonprofit organization, which helps support and bring joy to Long Island families facing unexpected challenges.
Monday, June 6, 2022 | 12:00 PM Registration
For questions, please email Lexi Latino at alatino@cmmllp.com.
To pay by check, please make out to CMM Cares, Inc. and mail to 4175 Veterans Memorial Highway Ronkonkoma, New York 11779.
CMM Represents Cerini & Associates in its Acquisition of Nassau CPA Firm
Posted: April 18th, 2022
It’s official – tax season is over! As accountants celebrate by digging themselves out of their piles of paperwork and documents, CMM is happy to report that for our client, a Suffolk County CPA firm, wrapping up tax season isn’t the only celebration. Our client, Cerini & Associates, LLP, is celebrating their acquisition of Syosset-based Joseph Sciacca & Company CPAs P.C.
Cerini & Associates is a full-service New York regional accounting firm serving the Long Island community for over 27 years in industries including healthcare, nonprofit, education, school districts, technology, and construction. According to C&A’s press release, the merger will expand the firm’s footprint and capabilities and add a second location, delivering increased value to clients.
CMM’s Vincent Costa spearheaded the deal on behalf of Cerini & Associates.
Professional service firms trust CMM with all their legal needs, whether mergers and acquisitions, transactions, litigation, or employment issues. Contact us and learn more about our M&A practice here.
2021 Was a Record-Breaking Year for M&A – How Does 2022 Compare?
Posted: April 11th, 2022
2021 was a record-breaking year for M&A deals. Global deal value rose to an unprecedented $5 trillion, smashing the previous record of $4 trillion set in 2007. In the United States alone, deal value records rose to $2.6 trillion, doubling the deal value of 2020.
Given that new records were set in the United States and all over the world in 2021, demand for M&A deals is clearly on the rise and many business owners and private equity firms are racing to find undervalued targets in 2022.
You may have already heard about Microsoft’s recent plans to acquire Activision Blizzard, one of the largest video game companies in the United States, for $68.7 billion, and that’s not all that’s swirling in the M&A-sphere in the first half of 2022. Some potential M&A targets for 2022 include well-known companies such as the fitness giant, Peloton, Kohl’s, and a leader in clean technology, Petroteq Energy (with offers already presented to Kohl’s and Petroteq).
Let’s take a look at the some of the heavy hitters that are already making headlines in the following key sectors, as well some deals that are on deck:
Technology
Technology was a coveted industry for US and global M&A deals in 2021. According to the PwC Global M&A 2022 outlook, new market opportunities, tech convergence, and an abundance of capital are paving the way for deal-making opportunities across the technology sector in 2022.
Tech advancements led to significant industry growth in 2021, which means more M&A deals in 2022. PwC predicts hotspots in the areas of crypto and NFTs as emerging markets are established. Moreover, with the pandemic coming to an end, business owners will begin to seek opportunities for consolidation, which will lead to an insurgence of M&A deals in 2022.
CMM attorneys were at the forefront of the tech M&A wave in 2021, representing an artificial intelligence tech leader in a complex recapitalization and M&A transaction in which CMM helped negotiate the terms of a multimillion-dollar loan agreement.
As for how tech deals are already playing out, Microsoft’s acquisition of Activision Blizzard could be the biggest tech/entertainment M&A deal in 2022. Another hot M&A deal announced in Q1 is Sony’s plan to buy Bungie, a gaming company, for $3.6 billion. Citrix, the cloud computing and virtualization company, has reported that they are being acquired by private equity firms Vista Equity Partners and Evergreen Coast Capital for $16.5 billion.
Healthcare & Pharmaceuticals
Deals in this sector rose to $288.9 billion in the US with SPAC (Special Purpose Acquisition Company) mergers playing a strong role in driving activity. In their 2022 M&A outlook, PwC predicts healthcare services consolidation and re-sale to lead M&A deals within this sector. We will also likely see more cross-border expansion and consolidation of private clinic and specialist care providers.
Proving the trend predictions correct, CMM already successfully represented a New York vet practice in the multimillion-dollar sale of its business to a larger partnership focused on acquiring vet practices around the tri-state area.
According to Digital Health Business & Technology’s data, there have already been 65 M&A deals in the digital health sphere in the first quarter of 2022. Additionally, several healthcare companies have been named targets for 2022 such as Health Gorilla and Summus Global.
Manufacturing & Aerospace
Within the manufacturing industry, PwC also predicts strong M&A activity in 2022 as companies target vertical integration and operational consolidations. Likewise, as air passenger numbers increase in 2022, M&A activity in the aerospace and defense industry will also increase.
CMM attorneys recently represented a leading manufacturer in the sale of its business, assets, and property, resulting in a multimillion-dollar transaction. The team also negotiated and closed a complex transaction in the aerospace field, selling a family-owned aerospace supplier’s business to a Connecticut-based private equity firm.
As for deals already happening in the first quarter of 2022, Frontier Airlines and Spirit Airlines, the two largest discount carriers in the United States, have announced a merger in a deal valued at $6.6 billion. Private flying is also growing more common, a trend already reflected in aerospace M&A with Vista Global Holding announcing their acquisition of the U.S. charter operator Jet Edge for an undisclosed amount.
CMM’s Most Recent M&A Deals
With the second quarter of 2022 underway, we already see 2022 M&A heating up. Curious to see what CMM has been up to recently in the M&A space?
View the firm’s recent M&A highlights here.
CMM Honored by Touro Law Center; Receives Law Firm of the Year Award
Posted: April 11th, 2022
Campolo, Middleton & McCormick, LLP is proud to announce that the firm has been honored by Touro Law Center as the 2022 Law Firm of Year! The award will be presented at the Liberty & Justice Dinner on Thursday, April 28, 2022, at the Garden City Hotel. Liberty & Justice Award recipients are honored for their work, steadfast support, and dedication to the ideals of the Law Center.
The mission of Touro College Jacob D. Fuchsberg Law Center to provide students with an innovative and immersive path toward becoming practice-ready professionals complements CMM’s efforts to continuously raise the bar for the legal profession on Long Island. CMM also enjoys a strong relationship with the law school, teaching classes, mentoring students, and providing scholarships and externships. CMM Senior Partner Christine Malafi also serves on the Board of Governors.
Congratulations to all Liberty & Justice Award honorees!
CMM Closes Asset Purchase for Suffolk County Manufacturer in Multimillion-Dollar Deal
Posted: April 6th, 2022
They say a family business is a never-ending journey that is constantly evolving. For our client, a multi-generation family business that has been operating in New York for more than 120 years, this certainly holds true.
CMM recently represented this long-established family business in an M&A deal involving the sale of the company. Our client is a Suffolk County manufacturer in the plumbing, cooling, and heating industry. Developing lines of quality products for wholesale distribution, refrigeration, and food service industries, our client manufacturers the tools and devices needed for all types of industrial applications. The deal involved the multimillion-dollar sale of our client’s assets to an affiliate of a larger midwestern manufacturer of equipment products whose distribution network services countries around the world.
CMM’s team, led by Vincent Costa with support from Paralegal Kat Campolo, negotiated the asset purchase agreement on behalf of our client, evolving and transforming their family business as they know it.
Learn more about M&A practice here and contact us for guidance on your next business purchase or sale.
CMM Expands Corporate Department with Addition of Zachary Mike, Esq.
Posted: April 6th, 2022
Campolo, Middleton & McCormick, LLP, recently recognized by Forbes as a Top Corporate Law Firm, is pleased to welcome Zachary Mike, Esq., as an Associate in the growing Corporate department. Zach focuses on M&A related matters including buy-side and sell-side transactions, as well as a variety of routine and complex corporate transactions.
“2022 M&A is shaping up to be as robust as 2021 and CMM’s Corporate department is busier than ever, so we’re very happy to welcome Zach to the team,” said Senior Associate Vincent Costa. “Zach’s unique experience of working in a family-owned business [he previously worked at a well-known East End vineyard] has given him direct insight into CMM’s business-oriented approach and helps him understand the client perspective.”
At Hofstra University’s Maurice A. Deane School of Law, Zach was a member of the Journal of International Business and Law and served as a student tax attorney at Hofstra Law’s Tax Clinic, where he represented clients in tax controversies against the IRS. A graduate of Binghamton University, Zach was a member of the Chinese Music Ensemble and the Binghamton Crosbys, an award-winning a cappella group. He sang with Hofstra’s Legally Sound a cappella group and is a member of the New York City Bar Chorus.
CMM Closes East End Restaurant Buyout in Multimillion-Dollar Deal
Posted: April 1st, 2022
“Your legal bill was the only one I’ve ever paid where I felt like I paid for a fabulous meal, so it was completely worth every penny!” We’d be thrilled to receive this review from any client, but it carries extra significance coming from a restauranteur.
Our client was a co-founder of a successful East End restaurant. Years later, when the partnership became strained, the ultimate solution was for our clients’ partners to buy him out. At first our client’s business partners did not want to proceed, and the deal was further complicated by the number of companies involved as well as the refinancing of debt. But CMM’s Corporate team, led by Senior Partner Christine Malafi, persisted – and eventually got the job done, navigating a multimillion-dollar buyout.
The client was very happy, comparing paying his legal bill to paying for a delicious dinner! Contact us for our full menu of legal services including buyouts, mergers, or acquisitions.
CMM Prevails for Cardi B, Securing Dismissal of Attempted Celebrity Shakedown Disguised as Libel Lawsuit
Posted: March 25th, 2022
The remedy for thin skin is thicker skin, not a lawsuit, Campolo, Middleton & McCormick successfully argued in Court on behalf of celebrity defendants Cardi B; her sister, Hennessy Carolina; and her sister’s girlfriend, Michelle Diaz.
After hearing a string of “bad words” and obvious hyperboles exchanged on the beach during Labor Day weekend 2020, three beachgoers decided to seek a windfall by commencing a libel lawsuit against the famous entertainer, her sister, and her sister’s girlfriend.
CMM’s litigation team, led by Senior Partner Patrick McCormick with support from Senior Associate Richard DeMaio, moved to dismiss the complaint and prevailed in a decision dated March 25, exposing the lawsuit for the money grab that it was. The frivolous complaint, filed in New York State Supreme Court, Suffolk County, sought damages for a convenient mix of assault, battery, libel, slander, and civil rights violations – critically, not based on what the defendants allegedly said, but what they allegedly posted online following the incident at the beach.
The Court granted CMM’s motion to dismiss in its entirety, finding that “Cardi B’s activities as related to her celebrity status do not establish activities that are purposeful and there is no substantial relationship between the incident that occurred…and the claims being asserted.” Judge William Condon wrote in his decision that the plaintiffs “failed to allege any special harm or defamation…they cannot specifically identify who the defamatory statements were made to.” The Court found that the allegedly defamatory words “do not arise to defamatory language as they were merely general insults.” The assault claim similarly failed due to the absence of any physical conduct or menacing gestures, as did the battery claim due to the lack of bodily contact made with intent.
“We’re very pleased for Cardi B that the Court saw this lawsuit for what it was: a celebrity shakedown,” CMM’s McCormick told Rolling Stone. “The claims had no merit whatsoever and were an obvious attempt to exploit the system for monetary gain. As we argued before the Court, the remedy for thin skin is thicker skin, not litigation. Today’s outcome should help deter others from using frivolous claims as a money grab.”
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