in a large number of transactions
across a wide spectrum of industries
January 9, 2012 – FORT LAUDERDALE, Fla. – Fort Lauderdale-based investment banking firm Farlie Turner & Co. is pleased to announce that it has been named a Turnaround Award finalist by The M&A Advisor for 2011 Distressed Deal of the Year in the Lower Middle Market and Retail Manufacturing / Distribution categories for its sale of First Foliage, LC (“First Foliage”) to Costa Nursery Farms, LLC last year. First Foliage is a full service supplier and marketer of tropical plants, serving over 2,000 retail store locations in key regions of the U.S.
This announcement marks the fourth consecutive year that Farlie Turner has been named a finalist for its investment banking services by The M&A Advisor, a national community of M&A professionals. The sale transaction, which occurred under Section 363 of the U.S. Bankruptcy Code, was facilitated by Farlie Turner’s Special Situations Group, which specializes in representing underperforming and financially distressed companies.
The transaction was led by Steve Zuckerman, Head of Farlie Turner’s Special Situations Group, and Scott Saunders, Managing Director. This same team of lead advisors represented DM Industries and Protective Products of America in previous distressed transactions for which Farlie Turner received national awards from The M&A Advisor in 2010 and 2011.
Commenting on the First Foliage transaction, Mr. Saunders noted: “We enjoyed working with First Foliage’s management team, the attorneys from Infante Zumpano, counsel for First Foliage, and the attorneys from Berger Singerman, counsel for the Unsecured Creditors Committee. We took on this engagement at a very difficult time in the plant growing industry and were able to generate an excellent result for our client. Ultimately, through a well-coordinated effort among the professionals involved in the transaction, we achieved an increase in purchase price of over 45% from the initial stalking horse bid.”
Farlie Turner's Special Situations Group complements its traditional investment banking practice, which focuses on serving growth-oriented middle market companies with enterprise values typically between $30 million and $300 million. Farlie, Turner & Co., LLC, and its affiliate Bayshore Partners, LLC, a securities broker-dealer registered with FINRA, provide merger and acquisition, private placement and financial advisory services. Please visit www.farlieturner.com for more information.