Necessity Funding Partners, a Melville, NY-based legal funding firm, has secured Series A funding from The Crest Group. Necessity has also received debt financing from an unnamed bank. No financial terms were disclosed.
NEW YORK, Dec. 9, 2014 /PRNewswire/ — Necessity Funding Partners, LLC, a leading pre and post-settlement legal funding company, has raised a Series A equity investment from The Crest Group LLC along with bank debt financing from a leading New York based bank.
Terms of the deal were not disclosed, but The Crest Group typically invests anywhere from $5 to $20 million in equity or equity/debt deals. “We are thrilled with this equity investment and concurrent bank debt financing that will enable us to have the financial resources to accelerate our growth in the legal funding industry throughout the United States,” said Tom Brown, President of Necessity Funding Partners, LLC. “We are also pleased to have The Crest Group provide us with financial and operational expertise to help with our growth strategy.”
“I’ve watched with great interest over the past few years as the legal funding industry has grown substantially, and I believe that Necessity Funding, through its exceptional service, great people and proprietary underwriting technology, is in a unique position to rapidly accelerate its growth with plaintiffs and law firms,” said Enrico Scarda, Managing Partner of The Crest Group LLC.
About Necessity Funding Partners, LLC.
Based in Melville, New York, Necessity Funding Partners, LLC is an innovative, growth oriented, specialized financial services company that provides timely pre and post-settlement legal funding services to personal injury clients. By providing injured clients instant pre-settlement financial help to cover life’s necessities, Necessity Funding enables these individuals to continue their lives without undue financial hardships and enhances their abilities to maximize their ultimate settlements. For more information on Necessity Funding Partners, LLC, visit www.necessityfunding.com.
About The Crest Group, LLC
Based in Hauppauge, NY The Crest Group, LLC is a private equity firm acquiring equity positions in a variety of businesses. The Crest Group, LLC specializes in transactions with values between $5 to $20 million located mainly on the east coast of the United States and targeting small to mid-size companies seeking growth capital, restructuring, management buy-outs, or mergers and acquisitions. The Crest Group invests in opportunities to grow cash flow, through acquisition and organic means, and to create businesses that are leaders in their region or industry segment. The Crest Group provides both financial resources and operational expertise to help with the transformation. TheCrest Group’s financial commitments do not rely on outside investors and therefore it commits for the long term without specific time pressures to exit investments.
For more information on The Crest Group, visit www.TheCrestGroupLLC.com.