DRESHER, Pa.--(BUSINESS WIRE)--Genstar Capital, a San Francisco-based middle-market private equity firm, and Aquiline Capital Partners, a New York-based private equity firm investing in financial services, announced today that they have entered into a definitive agreement to acquire Ascensus, Inc. from J.C. Flowers & Co., a leading private investment firm dedicated to investing globally in the financial services industry. The transaction is expected to close in the fourth quarter, following regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed.
Ascensus, the nation’s largest independent service provider of retirement and college savings plans, was founded more than 30 years ago and has since expanded into new markets within the financial services industry to offer a comprehensive suite of defined contribution and defined benefit retirement plan solutions, benefits education, 529 college savings plan recordkeeping, and IRA and health savings account administration. Throughout its history, the company’s mission has remained the same—to help Americans save for the future by connecting them to the right plans.
Today, through the company’s network of strategic business partners and financial professionals, Ascensus supports more than 1.7 million retirement plan participants and administers more than 3.3 million 529 college savings accounts, along with more than 1.5 million IRAs and HSAs.
"We are excited that Genstar Capital and Aquiline Capital Partners share our conviction that the retirement, college, and health savings industries will continue to be significant and growing markets for Ascensus,” said Bob Guillocheau, president and chief executive officer of Ascensus. “Their commitment to Ascensus will strengthen our capabilities and services, allowing us to maintain our long-term focuses on serving our clients’ needs and remaining a top workplace for our associates. I would also like to thank J.C. Flowers for their support of our company’s growth over the last eight years.”
This is the second acquisition on which Genstar and Aquiline have partnered, having developed a relationship based on a shared philosophy of supporting strong management teams to create value and drive next-level growth.
"Ascensus is a leading service provider to the large and growing markets for retirement and college savings accounts," said Jeff Greenberg, chief executive of Aquiline. "It has a strong brand, experienced management team, and impressive track record of success through multiple business cycles. We look forward to working with Bob and his team, providing them with support and resources to continue to build the company and expand its reach in its core markets."
Tony Salewski, managing director of Genstar, said, “We are very excited to partner with the leadership team of Ascensus, headed by Bob Guillocheau. Ascensus fits squarely within our approach of investing in leading businesses that provide critical tools and services to the investment management industry. This acquisition highlights our continued focus on the financial services vertical. Ascensus has built a strong platform, and we look forward to working with them to invest in organic and inorganic growth initiatives.”
“It has been our pleasure to work with Ascensus and its management team and we are proud of the progress we have made in growing the company and expanding their operational scope,” stated J. Christopher Flowers, managing director and chief executive officer of J.C. Flowers & Co. “We wish them, Genstar, and Aquiline all the best as they enter this next chapter in Ascensus’ history.”
Ascensus is the largest independent retirement and college savings services provider in the United States, helping over 6 million Americans save for the future. With more than 30 years of experience, the firm partners with financial institutions to offer tailored solutions that meet the needs of financial professionals, employers, and individuals. Ascensus specializes in recordkeeping, administrative, and program management services, supporting over 40,000 retirement plans and over 3.3 million 529 college savings accounts. It also administers more than 1.5 million IRAs and health savings accounts. For more information about Ascensus, visit www.ascensus.com
About Aquiline Capital Partners LLC
Aquiline is a private equity firm based in New York investing in middle-market businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology. Aquiline targets specialized businesses that have potential for improved performance and growth in conjunction with Aquiline’s equity ownership and active involvement. The Firm consists of industry experts who use their operating experience and a hands-on approach to build value in portfolio companies. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline-llc.com.
About Genstar Capital LLC
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for more than 20 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of operating executives and strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar manages funds with total capital commitments of over $5 billion and targets investments focused on selected sectors within the financial services, software, industrial technology, and healthcare industries.
About J.C Flowers & Company
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $14 billion of capital in 41 portfolio companies in 15 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. With approximately $8 billion of assets under management, J.C. Flowers has offices in New York and London. For more information, visit jcfco.com.