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HMI closes Series C financing round

Industry News

TC Capital Fund and an Atlanta land developer provided funding.

| July 15, 2011

CARY, N.C. – Horticultural Asset Management, Inc. (HMI) has closed its Series C financing round. The proceeds from the financing will be used to drive HMI's commercial activity which has been created from its core insurance claim support products which include valuations, inspections and remedial services for trees and shrubs.

The proceeds will also support the launch of the company's proprietary treeShield Service Warranty program. treeShield provides tree care companies the ability to offer their clients a service warranty covering storm related damage to their trees. Funding is provided by lead investor TC Capital Fund, an institutional investor based in Chapel Hill, N.C., that provides growth capital to privately held firms, and Mr. Charles Ackerman, a successful land developer based in Atlanta. TC Capital Fund is a joint venture between private equity firms Carrboro Capital and Tryon Capital. Clay Hamner, of Carrboro Capital, and Peter Coker, of Tryon Capital, will join HMI's Board of Directors.

"Having TC Capital Fund join us in growing the company is a real honor considering their successful track record of investing in, and building, growth companies," said Douglas W. Cowles, president and CEO of HMI. "The Series C financing will help HMI launch its highly anticipated treeShield warranty program. treeShield enables the professional tree care companies in HMI's network to provide their clients with a warranty of their services that represents a comprehensive storm recovery solution. treeShield covers not only the costs property owners would incur to clean-up after a storm, but also the services needed to repair storm damaged trees."

"We immediately recognized the value of the data, services and products that HMI offers property and casualty insurers," said Hamner, who has years of board level and transactional experience in a variety of industries. "We see treeShield as a culmination of the years of investment that HMI has made in developing its proprietary systems and protocols and it is a natural extension of the very successful home warranty product. We are pleased to provide the working capital needed for HMI to bring this high demand product to market through its highly focused tree service client base."
 

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