DATE: May 22, 2013
Who is Our Client?
- Trinity Warranty, located in Chicago, IL was founded in 2009 by a team of industry veterans with several decades of experience in the extended warranty space.
- Trinity is a provider of unique warranty products and maintenance support to consumers in the heating, ventilation, air conditioning and refrigeration (HVAC/R) industry.
- Trinity operates two separate, but related divisions. One of the divisions is a third party administrator (TPA) of Extended Warranty and Extended Service Plans, while the other provides facility managers of retail properties with maintenance and support for HVAC/R equipment.
Why Did Trinity Warranty Hire Nolan?
- For the past three years, Trinity has grown rapidly while carefully developing the infrastructure necessary to expand while incurring limited incremental overhead.
- Trinity sought a partner to assist it with a growth capital raise to stabilize the balance sheet and position Trinity to take advantage of many of the near-term growth opportunities in the pipeline.
What Value Did Nolan Deliver?
- Nolan marketed Trinity’s unique products and capabilities, experienced management team and rapid growth story to a diverse mix of strategic targets and private equity groups.
- Included in the list of potential buyers was Kingsway Financial Services, a public company listed on both the Toronto and New York Stock Exchanges (TSX: KFS, NYSE: KFS).
- Kingsway, a holding company which owns or controls stakes in several insurance industry assets, believed Trinity had a compelling value proposition in its role as a TPA of warranty products.
- Kingsway presented both a financially attractive offer and had the ability to close the deal expeditiously.
- While the process was thorough, it was fast-tracked taking les