JG Wentworth hits auction block for $1B
The Radnor, Penn., company's private-equity owner, JLL Partners, is looking to unload the company, which touts itself as the “undisputed leader” in the structured settlements business.
JG Wentworth, which started out as a merchant bank back in the early 1990s, purchases legal settlements, lottery winnings and other fixed annuity payments from clients in exchange for a lump sum payment.
The company, led by CEO David Miller, is probably best known for its commercials featuring an opera singer with the tagline, “Its your money, use it when you need it.”
Deutsche Bank and Moelis & Co. are believed to have been hired to run the auction with an eye toward wrapping up a sale by sometime in October.
One source said the firm’s PE owners are aiming to take money after at least a decade of owning the company. Typically, PE firms hold onto an asset for 5 to 7 years — sometimes less — before seeking a sale to return money to investors.
According to JLL’s web site, the company has funded about $1 billion in such deals.
New York Post