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Farlie Turner’s Special Situations Group Completes §363 Sale of FIRST Foliage, L.C.

By: - Date: 03/02/2011

FORT LAUDERDALE, Fla. (March 2, 2011) – Fort Lauderdale-based investment banking firm Farlie Turner & Co., LLC announced today that its Special Situations Group completed the going concern sale of FIRST Foliage, L.C. (“FIRST Foliage”) under Section 363 of the U.S. Bankruptcy Code. First Foliage was purchased by Costa Farms, LLC (“Costa Farms”).


Based in Homestead, Florida, FIRST Foliage is one of the ten largest full service suppliers and marketers of indoor and outdoor tropical plants in the U.S. Supplying approximately 250 types of potted plants to its customers, FIRST Foliage primarily sell its products to Walmart, The Home Depot and Lowe’s, shipping directly to over 2,000 store locations domestically.


Costa Farms prevailed at a carefully-managed Court-sanctioned auction in which it competed for the purchase of FIRST Foliage’s assets with another bidder. This auction process generated an increase of over 45% in price for FIRST Foliage from the original stalking horse bid, resulting in a substantially higher payout to secured lenders and unsecured creditors.


“Farlie Turner’s team was truly outstanding and worked tirelessly on behalf of our mutual client to achieve very strong results,” said Luis Salazar, Chairman of the Bankruptcy Department at the Coral Gables, Florida law firm Infante, Zumpano, Hudson & Miloch, LLC. “FIRST Foliage got senior level attention from Farlie Turner around the clock during its representation. Through their industry and private equity contacts, Farlie Turner secured indications of interest for FIRST Foliage from multiple parties at a very difficult time in the industry for plant growers. Along with our firm, they co-led a series of challenging negotiations with bidders, lenders, and other creditors, culminating in the successful sale to Costa Farms,” Mr. Salazar added.


For any questions regarding the FIRST Foliage transaction, please contact Steve Zuckerman at 954-358-3800, ext. 308 or Scott Saunders at 954-358-3800, ext. 302.

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’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, 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.


About Costa Farms


Based in Goulds, Florida, Costa Farms is a third generation, family-owned business that globally stretches over 3,500 acres and employs 2,800 people.  Along with thriving indoor houseplant and bedding plant divisions, Costa Farms operates merchandising and transportation companies as part of its infrastructure, with operations domestically in South Florida and North Carolina, and abroad in the Dominican Republic, Costa Rica and Far East.

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