Cross Keys Capital > Portfolio Items > Client First Settlement Funding, LLC

Our Work

Client First Settlement Funding, LLC

Closing Date: 12/30/2014

Significant Investment by Century Capital Partners | Industry: Specialty Finance | Sub-Industry: Receivables Purchasing

Deal Overview

Client First Settlement Funding, LLC (“Client First”), a structured settlement purchasing company based in Boca Raton, FL, received a significant equity investment from Century Capital Partners (“Century Capital”). Client First is one of the leading companies worldwide purchasing court ordered specialty finance receivables as well as providing lump sum cash payments for future periodic payments. Century Capital and its industry-seasoned operating partners teamed with Burt Kroner, Client First’s Chief Executive Officer, to acquire a significant equity stake in the business on December 30, 2014. Mr. Kroner will retain majority control of the Company and continue in his capacity as CEO. Both parties aim to bolster the Company’s rapid growth trajectory and improve its already successful process oriented approach to this niche industry.

Burt Kroner, Client First’s CEO, shared his appreciation for Cross Keys Capital’s hard work by stating, “Cross Keys Capital was integral in finding the perfect partner for myself and the Company. My metric for success from the beginning was a value-added partner that possessed significant operating experience in specialty finance and securitization and was able to contribute not only capital but who also shared in my vision for Client First’s continued growth. Cross Keys Capital not only helped to ensure a year-end close, which was very important to me, but also provided the technical understanding of the M&A sale process to assure a timely and efficient process.”

Century Capital’s Managing Director David Sherwood had additional praise for Cross Keys Capital stating that, “We greatly appreciated the efforts of the entire Cross Keys Capital team throughout the negotiation and due diligence of this transaction. Cross Keys Capital was instrumental in facilitating open communication and a sense of transparency which was key to getting the transaction closed on a tight time frame. Their team worked tirelessly over two holidays to help us get all the information we needed to effectively underwrite the investment.”

Client First, founded in 2008, is one of the largest companies worldwide purchasing court ordered specialty finance receivables, providing lump sum cash payments in exchange for future periodic payments. The Company employs over 125 people and bases its national operations in Boca Raton, FL. Client First boasts an exceptionally strong management team led by CEO Burt Kroner, who has over 20 years of experience in the structured settlement business and who personally directs the Company’s client facing efforts. The business purchases payment streams derived from guaranteed structured settlements, life contingent settlements and lottery winnings.

Century Capital provides buyout capital and growth equity to lower middle market financial services, insurance and healthcare services companies. The firm pursues both control and minority investments in rapidly growing, profitable businesses led by management teams that are leaders in their respective industries. Collectively, the Century Capital team has over 140 years of investing and operating experience in financial services. The team’s experience and extensive network of industry contacts enables it to provide significant business development assistance to its portfolio companies.

  • 2014