$1B ‘cash now’ JG Wentworth owner looking to sell
Apparently, the owner of JG Wentworth needs cash now.
New York private-equity firm JLL Partners is seeking to sell the financial-services specialist for as much as $1 billion, The Post has learned.
JG Wentworth — known for its TV spots featuring opera characters singing “I need cash now” — is the dominant player in a niche area of finance.
The Radnor, Pa., company, which started out as a merchant bank in the early 1990s, purchases legal settlements, lottery winnings and other fixed annuity payments from clients in exchange for a lump-sum payment — a business known as structured settlements.
JLL is said to have hired Deutsche Bank and Moelis & Co. to run the auction with an eye toward wrapping up a sale by October. The news was first reported yesterday on The Post’s website.
One source said the firm’s owners want to take money off the table after paying around $170 million for a 70 percent stake in JG Wentworth in 2005.
Typically, PE firms hold onto an asset for 5 to 7 years — sometimes less — before seeking a sale to return money to investors.
Read the full story: New York Post