RADNOR, Pa., July 13, 2011 /PRNewswire/ -- J.G. Wentworth and Peachtree Financial Solutions, leaders in the secondary market for illiquid assets, today announced they have completed their transaction and are now owned by a newly formed and privately held holding company, JGWPT. J.G. Wentworth (www.jgwentworth.com ) is a market leader in the purchase of structured settlement payment streams. Peachtree Financial Solutions (www.peachtreefinancial.com ) is a market leader in the purchase of lottery payment streams and special asset funding. Terms of the transaction have not been disclosed.
"This is a great opportunity for both companies and their respective customers," says David Miller, CEO of J.G. Wentworth. "It brings together two strong specialty finance companies who will continue to operate independently. It also makes their products accessible to increasing numbers of people."
Peachtree's offerings include purchasing lottery and structured settlement payments, annuity purchases, pre-settlement funding and other special asset funding. In addition, Peachtree operates in other categories such as life settlements and other specialty products – areas in which J.G. Wentworth previously had not actively participated.
J.G. Wentworth will gain from Peachtree's strength in these categories. "We will now be able to refer business to these Peachtree business units, whereas in the past, J.G. Wentworth sourced them to the general market," adds Miller. Peachtree will benefit from J.G. Wentworth's ability to access capital markets efficiently.
While both companies will continue to operate independently, significant synergies will accrue to the combined operation. "While the two companies have developed independently, the complementary product offerings plus the underlying expertise, particularly in technology and capital market access, make this new business model an extremely positive one for all our customers and our investors," says Miller.
Peachtree CEO, Jim Terlizzi, will assume a seat on the board of directors. Peachtree will continue to operate out of its existing facilities, including Boynton Beach, Florida.
About the JGWPT Companies
The J. G. Wentworth family of companies, based in Radnor, PA and the Peachtree Financial Solutions family of companies, based in Boynton Beach, FL, are leading buyers of illiquid financial assets. J.G. Wentworth is a market leader in the purchase of structured settlement payment streams and Peachtree is a market leader in the purchase of lottery payment streams as well as structured settlement payments and other specialty assets. Operating independently for twenty years, the companies have purchased over $9 billion in future payment obligations and other specialty receivables. For more information about J.G. Wentworth, visit www.jgwentworth.com . For further information about Peachtree Financial Solutions, visit www.peachtreefinancial.com .
SOURCE J.G. Wentworth