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FORT LAUDERDALE, Fla. January 13, 2015 – Fort Lauderdale-based investment banking firm Farlie Turner & Co. is pleased to announce the sale of TMI Solutions, LLC and its affiliates (“TMIS”). The company, a leading provider of monthly-billed warranty solutions for a variety of consumer electronics as well as consumer protection services, was sold to AmTrust Financial Services, Inc. (NASDAQ: AFSI) on January 6, 2015. TMIS’ CEO and co-founder, Thomas J. Manger, along with co-founder Mike Sellers, will continue to lead TMI Solutions as part of the Specialty Risk and Extended Warranty Division at AFSI. Farlie Turner served as the exclusive financial advisor to TMIS in the sale. Terms of the transaction were not disclosed.
“The consumer products warranty sector is a highly attractive, value-added sector characterized by recurring revenue. Tom and Mike have built an outstanding company and bring deep industry expertise to the AmTrust organization. TMIS is well-positioned to contribute to AFSI’s extended warranty operations,” commented Steve Zuckerman, a Managing Director at Farlie Turner who led the transaction. In addition to Steve, Farlie Turner’s team was led by Kerensa Jimenez, Ashley Ginsberg and Chris Henry.
Based in Roswell, GA, TMIS is a specialty provider of value-added, white-label service contract and warranty solutions for consumer and technology products, inside wire maintenance and home appliances. The company’s warranty plans are marketed to end-users primarily through telecommunications, cable and utility companies. TMIS’ customer base includes Fortune 500 companies in the U.S. and Canada.
“Steve and his team worked tirelessly to facilitate a very successful outcome and provided invaluable guidance and advice throughout the process,” noted Tom Manger.
AmTrust Financial Services, Inc., a multinational insurance holding company headquartered in New York City, offers specialty property and casualty insurance products, including workers' compensation, commercial automobile, general liability and extended service and warranty coverage. For more information about AmTrust, visit www.amtrustgroup.com.
About Farlie Turner
Farlie, Turner & Co., LLC, and its affiliate Bayshore Partners, LLC, a broker-dealer registered with FINRA, provide merger and acquisition, private placement and financial advisory services to middle market companies.