New World Group and Management Purchase Stone Street Capital Assets
BETHESDA, Md., March 7 /PRNewswire/ — The New World companies of Great Neck, NY and the management team of Stone Street Capital, Inc. of Bethesda, Maryland, announced that they have purchased the assets of Stone Street Capital, Inc. through a new entity, Stone Street Capital, LLC. Stone Street is a leading purchaser of periodic cash flow streams, such as lottery prizes, structured settlements, and corporate prize awards. The Company, which will remain in Bethesda, Maryland, employs 100 plus professionals with demonstrated capabilities in structured asset transactions. Stone Street Capital’s web address is www.stonestreet.com.
Adam Shapiro, President of Stone Street, stated that, “We are very excited about this transaction and the substantial additional resources now available to us to fuel significant growth.” Steven H. Shepsman, a managing director of New World, remarked that, “We are looking forward to our relationship with this exceptionally talented team and are very optimistic about their ability to grow with us through greater penetration of existing markets and strategic entry into new markets.”
Founded by Lee Jundanian in 1989, Stone Street Capital, Inc. pioneered the secondary
market in lump-sum payments to lottery winners and was an early innovator in monetizing other periodic cash flows such as structured settlements, casino jackpot awards, and life settlements. In its 17 years of operations the company originated in excess of $1.5 Billion of transactions across all asset classes. In connection with the transaction Lee Jundanian will no longer be involved in the business. Mr. Jundanian commented that, “In choosing to do a transaction with the New World Group and the existing management team I know I have left the company in very capable hands and with the ability to accelerate its growth.”
The privately-held New World companies are specialty finance enterprises providing vehicle and equipment lease funding for the finest independent leasing companies nationwide, internet-based consumer and commercial financing products, venture capital for promising start-up and intermediate-stage companies, and mortgage, mezzanine and equity capital to selected real estate development and investment partners. The Managing Directors of New World are Steven H. Shepsman and Seth B. Lipsay.
Milestone Advisors, LLC served as financial advisor to Stone Street Capital, Inc. in connection with this transaction.
Stone Street Capital, LLC
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