Cross Keys Capital > Portfolio Items > Funeral Funding Center, Inc.

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Funeral Funding Center, Inc.

Closing Date: 04/30/2013

Acquired by American Funeral Financial, LLC | Industry: Funeral Services | Sub-Industry: Funeral Service Lending

Deal Overview

Funeral Funding Center, Inc. (“FFC”), founded in 1996 and headquartered in Hollywood, Florida, is one of the nation’s largest companies specializing in advancing proceeds of life insurance policies to families for at-need funeral expenses. With 25 employees, FFC has built an impeccable reputation throughout the industry, providing outstanding customer service and swift funding at critical times in families’ lives.

FFC, a $10 million company, was owned by Hal Rosenberg who was an attorney by trade. He originally took over his father’s check cashing business and realized over time that there was an opportunity to provide advancements of life insurance policies which eventually grew into FFC. In 2010, Hal was diagnosed with cancer and brought in his cousin, Joshua Powell, to help run the business and groom him with his 15+ years of industry experience and knowledge. Unfortunately in 2011, Hal passed away from cancer and the business was left to his wife, Amy Rosenberg, to operate. Amy, with the help of Josh, was able to keep the company afloat in their time of mourn. Ultimately, Amy wanted to divest her interest in the company to simplify her life and spend more time with her family. Josh wished to remain with the company and help grow what Hal had started.

Cross Keys Capital (“Cross Keys”) was called in through a close family friend of the Rosenberg’s and mutual acquaintance to Cross Keys’ to run a sell-side process in order to meet the needs of both Amy and Josh. Cross Keys was able to find a strategic partner, American Funeral Financial, LLC (“American”), who was willing to work with both Amy and Josh to complete a transaction. In addition to sourcing the buyer, Cross Keys provided detailed valuation and due diligence assistance while negotiating the entire transaction. Cross Keys was able to work hand-in-hand with American and their financial partner, Security Finance, to customize a transaction in the best interest of all parties. The ultimate transaction negotiated was an all cash payment at close with a nominal 12 month escrow account. From originally being engaged to the closing date, Cross Keys was able to facilitate a transaction in only five months time.

  • 2013