in a large number of transactions
across a wide spectrum of industries
Fort Lauderdale, FL – When H.I.G. Capital recently sold Total Safety Environmental (TSE) to the Argus Group of Ohio, it signaled to some in the local financial industry a potential shift in how “middle market” mergers and acquisitions are handled. H.I.G., a Miami-based private equity and venture capital firm with $1.5 billion of equity capital under management, bypassed traditional out-of-state investment bankers and instead enlisted a South Florida firm as its exclusive financial advisor for the transaction.
H.I.G. retained Fort Lauderdale-based Farlie, Turner & Co. to manage the sale, based on the middle market merger and acquisition experience of principals Craig Farlie and Michael Turner. The partners concentrate exclusively on this market, which typically includes companies with revenues in the $20-$100 million range, believing their expertise and attention to detail fit best in an area that many national investment banking firms have abandoned in favor of bigger dollar transactions. “Florida has a large and growing middle market,” said Farlie, a former Wall Street investment banker and executive at Republic Industries and Huizenga Holdings. “We’re able to combine the experience of a Wall Street-caliber firm with the hands-on approach this market values.”
A boutique investment bank, Farlie Turner specializes in mergers, acquisitions, and raising capital. When H.I.G. was looking for a buyer for TSE, a division of its portfolio company Total Safety U.S., it was important to the company that its financial advisors have significant experience managing similar-sized deals.
"Farlie Turner ran an extremely effective transaction process that resulted in the identification of the best partner for our division,” said H.I.G. Managing Partner Brian Schwartz. “The firm’s principals were committed to our transaction from beginning to end."
Added H.I.G. Principal Stenning Schueppert, “Having Farlie Turner located in South Florida was a major advantage, as it enhanced their level of commitment, accessibility and quality of service."
To date, Farlie Turner has focused on deals originating in South Florida’s tri-country area, understanding its middle market niche is best served by easy access to clients who place a premium on individual attention. “We have chosen to dedicate our resources to servicing only a handful of clients at any one time,” said Turner, a former vice president with Bowles Hollowell Connor & Co., the investment banking division of First Union Securities (now Wachovia Securities) and former principal at the private equity firm Brockway Moran & Partners. “We believe the market will value this higher level of service."
They are not the only ones banking on the region’s expanding middle market. Carl Roston, a partner in Akerman Senterfitt’s Miami office whose practice area includes mergers and acquisitions, thinks Farlie Turner is well positioned. “Our firm believes South Florida has great growth dynamics and will continue to see an increase in merger and acquisition activity. It is a pleasure to see an experienced and sophisticated group like Farlie Turner in this market."
Farlie, Turner & Co., LLC, and its affiliate Bayshore Partners, LLC, a broker-dealer registered with the NASD, provide merger and acquisition, private placement, and financial advisory services to middle market companies. For more information, log on to www.farlieturner.com or call (954) 358-3800.