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Farlie Turner’s Special Situations Group Completes Sale of TLO to TransUnion

By: Farlie Turner - Date: 01/07/2014

Farlie Turner’s Special Situations Group Completes Sale of TLO to TransUnion

Fort Lauderdale, Florida (January 7, 2014) -- Farlie Turner & Co., a Fort Lauderdale, Florida-based investment bank, announced today that its Special Situations Group has completed the going concern sale of TLO, LLC (“TLO”) to a subsidiary TransUnion, LLC under Section 363 of the U.S. Bankruptcy Code. 

TLO, a leading Big Data Analytics and information services firm based in Boca Raton, Florida, was formed in 2009 by Hank Asher, a legendary entrepreneur and pioneer in the data fusion industry.   TLO uses its proprietary HADARTM technology to fuse public-record and proprietary information, including personal, asset, criminal, employment and business data, into comprehensive reports based on specific search criteria.  TLO’s products are utilized by some of the largest global corporations, major financial institutions, insurance carriers, collection agencies and thousands of law enforcement agencies to investigate and research people, locations and companies.  

The sale of TLO to TransUnion was approved on November 22 in the U.S. Bankruptcy Court for the Southern District of Florida and closed on December 16, 2013.  TransUnion had been the stalking horse buyer for TLO at a purchase price of $105 million entering a Court sanctioned auction pursuant to Section 363 of the Bankruptcy Code.  To compete effectively in the auction with an affiliate of LexisNexis and the private equity firm Warburg Pincus, TransUnion ultimately increased its purchase price approximately $50 million to $154 million, representing an increase of 47% over its initial bid.  Proceeds from the sale will be used to pay TLO’s creditors in full and to return a significant amount of funds to its equity holders.

"Working with the team at Farlie Turner was a pleasure. A sale under Section 363 of the Bankruptcy Code is an arduous process, and the transaction team at Farlie Turner made the journey much more navigable” said Desirée Asher, Co-CEO of TLO.  “I was particularly pleased with Steve Zuckerman, as I was able to reach him 24/7 to discuss questions and options.  The Farlie Turner team expertly led us through this process, and I would highly recommend Farlie Turner to any company looking to complete a 363 sale,"
she added.   

“We enjoyed working with TLO throughout this engagement and were particularly gratified that the competitive process we helped orchestrate resulted in creditors being paid in full, along with a significant distribution for equity holders.  That is a rare occurrence in Chapter 11,” commented Steve Zuckerman, Head of Farlie Turner’s Special Situations Group.  He added:  “This extraordinary result could not have been achieved without the strong leadership of Desirée Asher and Carly Asher Yoost, and the tireless effort and collaboration among the various professionals involved in this case.”

About Farlie Turner’s Special Situations Group

Farlie Turner's Special Situations Group specializes in representing underperforming and financially distressed companies.  This Group complements Farlie Turner & Co.'s 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 broker-dealer registered with the FINRA, provide merger and acquisition, private placement, and financial advisory services.  Please visit www.farlieturner.com for more information.

About TLO

TLO, LLC is a leading data solutions provider specializing in custom, scalable investigative and risk management tools for due diligence, threat assessment, identity verification, fraud prevention and debt recovery. Used daily by thousands of organizations in the public and private sector, TLO's core product, TLOxp®, is the most powerful technology for locating, researching and finding the connections between individuals, businesses and assets. TLO further supports law enforcement agencies in more than 40 countries around the globe by providing, at no charge, cutting-edge technology used to identify and locate child predators. Please visit www.tlo.com for more information.

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