First Advantage Buys Omega Insurance Services

First Advantage Corporation, a St. Petersburg, Fla.-based provider of enterprise and consumer screening solutions, announced its purchase of Omega Insurance Services, also headquartered in St. Petersburg. Omega conducts fraud investigations for insurers, third-party administrators and self-insured employers nationwide.

Omega’s investigative services, which will add a new business line to First Advantage’s portfolio of services, are expected to generate in excess of $20 million in revenue in 2004.

Founded in 1996 by owners Tim Fargo and Richie Taffet, Omega is a private investigation firm licensed across the United States that currently employs more than 200 full-time field investigators in addition to an in-house staff of more than 100 employees in St. Petersburg. Omega serves its clients by detecting and exposing workers compensation, disability and liability insurance fraud through surveillance and other investigative activities.

Omega’s management team will retain responsibility for the newly formed investigative services division of First Advantage. Beach Capital Advisors represented Omega in the transaction.

Topics Mergers & Acquisitions