INDUSTRY:
Restructuring Advisory​​​

DESCRIPTION:
Middle-Market Restructuring, Turnaround, and Interim Management Advisory Firm

INDUSTRY:
Minneapolis, MN

TRANSACTION TYPE:
Sale to Strategic Buyer

Situation:

In July 2026, Steeplechase Advisors (“Steeplechase”), a restructuring, turnaround, and interim management advisory firm that helps companies and their stakeholders navigate periods of significant change, was acquired by J.S. Held, a global consulting firm serving clients across a broad range of industries. Through the acquisition, J.S. Held significantly strengthens its turnaround and restructuring practice, while Steeplechase’s team gains access to a broader platform of resources and expertise to scale alongside growing client demand.

Cherry Tree’s Role:

Cherry Tree & Associates was engaged by Steeplechase to identify and evaluate the right partner to support the firm’s continued growth, with a strong emphasis on cultural fit and long-term opportunity for the Steeplechase team. Cherry Tree executed a targeted outreach process focused on parties aligned with Steeplechase’s objectives. Cherry Tree’s customized process included qualifying and generating broad interest from several strategic and financial parties, developing marketing materials, soliciting proposals, negotiating transaction structure and terms, supporting due diligence, and facilitating the closing of the transaction.

About Steeplechase Advisors: 

Steeplechase Advisors is a restructuring, turnaround, and interim management advisory firm that helps companies and their stakeholders navigate periods of significant change, including lenders, financial sponsors, equity holders, investors, and creditors. Headquartered in Minneapolis, Minnesota, Steeplechase serves clients nationwide across manufacturing, retail, real estate, financial services, agriculture, and hospitality, among other industries.

About J.S. Held:

J.S. Held is a global consulting firm that combines technical, scientific, financial, and strategic expertise to advise clients seeking to realize value and mitigate risk. The firm’s professionals serve as trusted advisors to organizations facing high stakes matters demanding urgent attention, staunch integrity, proven experience, clear-cut analysis, and an understanding of both tangible and intangible assets. The firm provides a comprehensive suite of services, products, and data that enable clients to navigate complex, contentious, and often catastrophic situations.

About Cherry Tree & Associates:

Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis, Minnesota. Founded in 1980, it specializes in M&A transactions for both buyers and sellers of middle market companies. Additionally, it conducts private placements for high quality, entrepreneurially managed growth companies, provides strategic advisory services for CEOs and boards of directors, and prepares fairness opinions and other valuation services.

INDUSTRY:
Business and Technology Consulting

DESCRIPTION:
Premier Business and Technology Consulting Firm Specializing in Healthcare and Data Transformation Services

HQ LOCATION:
St. Paul, MN

TRANSACTION TYPE:
100% Sale to Strategic Buyer

Situation

Founded in 1998, Logisolve established itself as a leading business and technology consulting firm combining client-centric and consultant-centric delivery with deep industry expertise in Healthcare, Health Sciences, Financial Services, Manufacturing and Government. Logisolve has been recognized multiple times within the roster of Minnesota’s fastest growing private companies as “Best of the Best” and “Best Places to Work” by MN Business Journal. In 2025, the partners in Logisolve spun off its Sotaware Software business into a separate company and began its search for a strategic home for the consulting business. 

In March 2026, Logisolve Consulting was acquired by V-Soft Consulting, paving the way for global expansion and new opportunities for its clients and its people. The acquisition expands V-Soft Consulting Group’s Data and AI capabilities while strengthening advisory expertise in highly regulated and data-intensive industries.

The transaction unites two industry leading digital consulting firms, combining expertise across data and AI, scaled transformation, for a wide array of industries. Logisolve specifically brings experience navigating legacy system transformation, business analysis, and enterprise platform support. This is coupled with their high-quality regulatory compliance across complex industries. These elements synergize with V-Soft Consulting Group’s global scale, and specialized platform capabilities.

Cherry Tree’s Role

Cherry Tree was retained by Logisolve Holdings to advise on its strategic plans and represent them in the sale of the consulting business to a party that shared their vision and values. They sought a partner who could bring global resources and scale while maintaining a culture of partnership, cooperation and quality.

Cherry Tree’s role included preparing evaluation materials, introductions, and discussions with numerous potential partners, soliciting proposals, negotiating terms, supporting due diligence, and facilitating the closing of a transaction. It was especially important to the selling shareholders that the process was senior led, well planned and efficiently executed, and did not disrupt the core business.

About Logisolve

Logisolve is a Minnesota-based business and technology consulting firm delivering client-focused solutions and staffing with capabilities in Business Transformation, Digital Solutions, Data Transformation and Health Science Solutions. Founded in 1998 and headquartered in Oakdale, Minnesota, Logisolve serves clients across multiple industry verticals along with dedicated practices in healthcare and manufacturing.

About V-Soft Consulting Group

V-Soft Consulting Group is a technology consulting firm providing digital transformation, platform engineering, infrastructure services, and specialized talent solutions to enterprise organizations. V-Soft Consulting Group is headquartered in Louisville, KY with strategic locations across the US, Canada, and in India.

INDUSTRY:
Technology, Software

DESCRIPTION:
Homecare Operations and Billing Software

LOCATION:
Oakdale, Minnesota

TRANSACTION TYPE:
Sale to PE-Backed Strategic Buyer

Situation

Since 2004, Cashé Software has provided advanced technology and services to simplify and streamline mission critical processes, benefiting more than 400 homecare agencies in Minnesota. With its recent launch of the Pavillio platform, Cashé continues to demonstrate its commitment to helping agencies get paid faster, increase team capacity, eliminate error-prone manual processes, and automate revenue cycle management. In June 2024, HHA acquired Cashé Software, bringing together two premier, complementary providers of end-to-end homecare software platforms, significantly expanding the combined company’s ability to help thousands of homecare providers and payers across the U.S. ensure compliance, streamline billing, and optimize workforce management. 

“For 20 years, Cashé has been focused on ensuring our customers can rely on our software to help them deliver the best care in the home,” said former Cashé President Praba Manivasager, who now leads the Cashé business unit at HHAeXchange. “This commitment is strengthened by our partnership with HHAeXchange, and we look forward to working together as a team to accelerate our vision of building the software platform that sets the standard for efficient workflows and insightful data.” 

Cherry Tree’s Role

Cherry Tree was retained by Cashé to help identify an acquirer that would maximize shareholder value and bring the company’s Pavillio platform to a broader universe of caregivers. The project generated broad interest from potential strategic and financial partners, with Cherry Tree leading the development of marketing materials and buyer outreach, as well as supporting due diligence and the closing of the transaction.

“Cherry Tree was an integral part of the transaction, keeping everyone moving towards the same goal and achieving a fantastic outcome. Their focus and guidance helped make the deal happen, and they were there from start to finish.” — Praba Manivasager, Cashé President

About Cashé Software

Cashé Software is a leading technology partner for Home and Community-Based Service (HCBS) providers serving the Medicaid aging and disability population. Dedicated to helping agencies implement top operational practices and achieve the highest standards of care, Cashé Software offers end-to-end solutions that have enabled hundreds of agencies automate operations, implement EVV, ensure compliance, and achieve an impressive 99% first-time payment rate on billing. Driven by their mission to positively impact 2 million lives, all of Cashé’s solutions are designed with a person-centered focus to empower the entire care team. 

About HHAeXchange

HHAeXchange is the leading technology platform for homecare and self-direction program management. Developed specifically for Medicaid home and community-based services (HCBS), HHAeXchange connects state agencies, managed care organizations, providers, and caregivers through its intuitive web-based platform, enabling unparalleled communication, transparency, efficiency, and compliance.

About Cherry Tree & Associates

Cherry Tree & Associates is a private investment banking firm headquartered in Minneapolis, Minnesota.  Founded in 1980, it specializes in M&A transactions for both buyers and sellers of middle market companies.  Additionally, it conducts private placements for high quality, entrepreneurially managed growth companies, provides strategic advisory services for CEOs and boards of directors, and prepares fairness opinions and other valuation services.