Daily News: November 25, 2014

Tiptree to Acquire Reliance First Capital

Tiptree Financial entered into an agreement with Reliance First Capital and Reliance equityholders to acquire all of the equity interests of Reliance for a combination of cash and Class A common stock of Tiptree.

Tiptree’s President and CEO Geoffrey N. Kauffman, said, “We are pleased for Reliance to be our seventh acquisition since 2007 and we welcome them to the Tiptree family of companies. Hugh and his team have built a first class mortgage origination platform and we look forward to working with them as we focus on future growth opportunities.”

“We were able to build a great company over the past six years. As we look to the future, we are excited to partner with Tiptree as we continue to build and grow our company,” said Hugh Miller, president and CEO of Reliance.”

The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close by the end of the third quarter of 2015.

Schulte Roth & Zabel served as legal counsel to Tiptree. Morrison & Foerster served as legal counsel to Reliance.

Tiptree is a diversified holding company engaged through its consolidated subsidiaries in a number of businesses and is an active acquirer of new businesses.

Reliance is a national mortgage banker.