Farlie Turner Gilbert & Co. Research
Advisory Approach
Farlie Turner Gilbert & Co. (FTG & Co) is a boutique, full-service investment bank headquartered in Fort Lauderdale, Florida, with additional offices in Raleigh, North Carolina. Founded in 2004 by Craig Farlie and Michael Turner, the firm specializes in providing sophisticated, high-quality merger and acquisition advisory, recapitalization advisory, and comprehensive financial services to middle market companies. The firm operates with a thesis that middle market business owners and entrepreneurs benefit from having dedicated, experienced advisors who understand the unique dynamics of selling, restructuring, or recapitalizing their businesses. FTG & Co serves as the trusted financial advisor for owners navigating complex corporate transactions, with particular strength in identifying and executing transactions across diversified sectors.
The firm's positioning emphasizes personalized attention, deep sector expertise, and institutional-quality transaction execution. Unlike large bulge-bracket firms, FTG & Co maintains manageable client loads and leverages its network of private equity firms, strategic acquirers, and financial institutions to create optimal outcomes for sellers. The firm believes that careful buyer identification, process discipline, and experienced deal management—combined with understanding the operational realities of middle market businesses—are the cornerstones of transaction success.
Sector Focus
FTG & Co has developed particular expertise across healthcare, oil and gas, business services, and sports/entertainment sectors. The firm's healthcare practice is especially active and well-established, with a dedicated team led by Managing Directors Craig Farlie and Scott Saunders. The healthcare focus spans medical device companies, provider networks, accountable care organizations, and specialized healthcare services. The firm recently completed five healthcare transactions in 2021 alone, demonstrating consistent activity and deep relationships within the sector.
In the oil and gas sector, FTG & Co has closed transactions in drilling tools, inspection services, and tubular goods—often collaborating with specialized private equity firms focused on industrial and energy sectors. The firm has also built a respected business services practice, handling transactions in military transition recruiting, staffing services, and administrative outsourcing.
Recently, the firm expanded into sports and entertainment, successfully advising DEC Management (a leading NFL sports agency representing 50+ NFL players) on a strategic recapitalization with GSE Worldwide, a premier sports management firm.
Deal Track Record
FTG & Co has maintained consistent deal activity across diverse industries, demonstrating both breadth and depth in transaction execution. Notable closed transactions include:
Healthcare Transactions: TMJ Solutions (manufacturer of FDA-approved temporomandibular joint prosthesis systems) sold to Stryker Corporation in a transaction led by Michael Turner and Craig Farlie (2021). Health Network One (operating family of medical provider networks serving 5+ million plan members) completed a recapitalization with H.I.G. Capital, one of the largest alternative investment firms globally ($45B AUM), led by Craig Farlie and Scott Saunders (2021). Orange Accountable Care Organization of South Florida (population health management company) sold to undisclosed strategic buyer (2021).
Industrial & Services: IOS Holdings (provider of non-destructive testing and inspection services for oil and gas industry, led by Erik Rudolph and Scott Sanderson) sold to L.B. Foster Company (NASDAQ: FSTR), a major infrastructure manufacturer (2015). Northwest Plan Services (leading independent retirement plan recordkeeper and administrator, serving 220,000+ participants with $17B AUM) sold from Pine Tree Equity portfolio to WestView Capital Partners (2016), led by Michael Turner. Bradley-Morris (leading military transition recruiting firm, Pine Tree portfolio company) sold to Thompson Street Capital Partners (2015), led by Michael Turner.
Special Situations & Restructurings: Knight Oil Tools (oil and gas tool manufacturer) completed debt-reducing recapitalization (2017). DEC Management (NFL sports agency representing Demarcus Lawrence, Xavien Howard, and 50+ professional athletes) sold to GSE Worldwide (2021), led by Erik Rudolph.
Competitive Positioning
FTG & Co differentiates from larger investment banks through:
1. Dedicated Middle Market Focus: The firm specializes exclusively in the middle market ($10M-$200M+ TEV range), avoiding the size-based inefficiencies of larger firms serving this segment as a side business. Partners remain actively involved in all transactions, not delegated to junior bankers.
2. Sector Expertise: Dedicated industry teams (healthcare, oil & gas, business services) with deep operational knowledge, not generalist relationships. The healthcare team has completed 10+ major transactions and maintains ongoing relationships with healthcare-focused PE firms.
3. Special Situations Capability: The firm operates a dedicated Special Situations Group (since 2007) focused on distressed M&A, restructuring, Chapter 11 advisory, and creditor negotiations. This provides competitive advantage when sellers face underperformance, debt constraints, or ownership transition challenges.
4. Private Equity Relationships: The firm maintains strong relationships with regional and national PE firms, with particular strength among lower middle market and lower middle market specialists. The firm regularly serves as exclusive advisor to Pine Tree Equity Partners portfolio companies on secondary exits.
5. Process Discipline: FTG & Co runs institutional-quality processes even for middle market deals—organized marketing, confidential information memoranda, competitive buyer processes, and structured management presentations.
Process & Fee Structure
FTG & Co runs sell-side advisory engagements on an exclusive basis, typically requiring client commitment to 6-12 month engagement windows. The firm's process includes development of comprehensive seller marketing materials, identification and outreach to 50-150 qualified buyers depending on deal size and sector, competitive bid management, quality of earnings support, management presentation coaching, and data room organization. The firm does not disclose standard fee schedules publicly; fees are structured on a transaction-by-transaction basis and typically follow modified Lehman formulas or flat percentages of transaction value, with retainers credited against success fees. Minimum engagement sizes typically range from $10M-$20M TEV depending on sector and complexity.
Buyer Network
FTG & Co has developed relationships with private equity firms, strategic acquirers, and financial sponsors across sectors. The firm has closed transactions with buyers including Stryker Corporation (medical device conglomerate), H.I.G. Capital ($45B alternative investment firm), Thompson Street Capital Partners (buyout firm), WestView Capital Partners (Boston-based middle market PE), Genstar Capital, Audax Group, and numerous strategic acquirers in energy, healthcare, and business services sectors.
Team & Organization
The firm is led by co-founders Craig Farlie and Michael Turner, both Managing Directors and Partners with 20+ years of investment banking experience. Craig Farlie previously worked at Brockway Moran & Partners and co-founded Harbor Beach Capital Partners. Michael Turner also co-founded Harbor Beach Capital. The firm maintains a lean, focused team of approximately 10-15 professionals including specialized Managing Directors for healthcare (Craig Farlie, Scott Saunders) and oil & gas sectors, as well as transaction teams spanning Fort Lauderdale and Raleigh offices.
Key team members include: Erik Rudolph (Managing Director, oil & gas and special situations specialist), Mac McAulay (Managing Director), Scott Saunders (Managing Director, healthcare), Aldo Javier Polak (Senior Managing Director, joined 2024), Gavin William Shaw (Managing Director, joined 2023, Raleigh office), and transaction team members including Chris Henry, Kyle Jones, Daniel Vetrano, and Keita Iwabuchi.
Geographic Coverage
Primary operations in Florida and North Carolina with national reach through PE relationships and sector networks. The firm maintains offices in Fort Lauderdale (headquarters) and Raleigh, North Carolina, with project-based presence in major transaction markets including New York, Houston, and other regional centers as needed.