CHICAGO--(BUSINESS WIRE)--Strongpoint Partners (“Strongpoint” or the “Company”), a tech-enabled financial services platform focused on third-party administration of retirement plans, recordkeeping, payroll, and HR solutions for SMBs, today announced a new partnership with Retirement Strategies Group (“RSG”). The partnership comes on the heels of an exceptional year of business performance and growth for Strongpoint in 2022.
Backed by Shore Capital Partners (“Shore” or “Shore Capital”), a Chicago-based private equity firm focused on microcap investing, Strongpoint combines an integrated software platform for outsourced retirement services alongside a relentless passion for service and innovation. Strongpoint experienced transformational growth across the company during 2022, ending the year up 137 percent in plans under management and with over 80 percent growth of its employee headcount across Strongpoint and its affiliate network. The expanded team will support the growth of Strongpoint’s industry leading retirement third party administration (“TPA”), recordkeeping, and payroll platform.
Strongpoint capped its year with a new partnership with Retirement Strategies Group, an independent, third-party administration firm headquartered in New Orleans. Founded in 1999, RSG is one of the region’s leading specialists in the 401(k) arena, offering expertise to advisors, brokers, and plan sponsors.
“RSG is extremely proud of the business and reputation we’ve built over the last 20 years, but we were looking for a partner that could help take us to that next level,” said Joey Bender, Co-Founder of RSG. “Joining Strongpoint Partners gives us the infrastructure, access to other industry leaders, and tools we need to continue to evolve RSG to meet the demands of a rapidly growing marketplace. Strongpoint recognized the value of the brand we’ve built, and rather than consume it, gave us tools to empower our brand and our people, which reinforces why we’re so excited about joining the Strongpoint Partners family of brands.”
As a leading TPA firm in New Orleans, RSG has built a reputation that aligns with Strongpoint’s culture of service that puts clients and partners at the forefront of everything.
“As we expand our investment in the retirement plan administration marketplace, it is key that we identify partners that share the same customer-centric service culture that differentiates the Strongpoint Partners family of brands from the rest of the industry,” said Danny Hest, Chief Executive Officer at Strongpoint Partners. “RSG personifies that approach. In just a few short weeks, we’re already seeing the benefits of RSG’s extensive experience and expertise. We are excited about investing in the RSG brand to increase the breadth of products and services they can deliver to their clients across the southeastern United States.”
Together, Strongpoint and Shore will continue to explore opportunities for growth through new partnerships and business development, and will continue to invest in the Company’s products and infrastructure.
Mickey Jiang, Principal at Shore Capital, said, “It has been a pleasure to partner with Danny and team to execute our shared vision of establishing the premier network of retirement TPAs. We look forward to continuing to explore opportunities for growth through new partnerships, business developments, and investments in the Company’s products and infrastructure this coming year.”
“2023 will be a year of increased expansion and investment for Strongpoint Partners,” continued Hest. “As we continue to build the leading retirement and payroll services provider across the United States, we remain fully committed to our company’s core mission to provide the highest quality services for our customers while pursuing a relentless passion for innovation.”
About Strongpoint Partners
Strongpoint Partners is a tech-enabled financial services platform that provides third party retirement administration (“TPA”), payroll, HR, and recordkeeping to small-and-medium businesses (“SMB”). Headquartered in Chicago, Illinois, with offices in Riverwoods, Illinois, Boulder, Colorado, and Northern California, Strongpoint combines an integrated software platform for outsourced retirement and payroll services alongside a relentless passion for service and innovation. For more information, please visit: www.strongpointpartners.com.
About Retirement Strategies Group
Since 1999, Retirement Strategies Group (RSG) has been providing customized retirement plan solutions for businesses ranging from sole proprietor to thousands of employees. Located in New Orleans, Louisiana, our senior staff of administrators and industry-certified technicians average more than 20 years of experience as a third-party administrator of qualified retirement plans. Our associates stay abreast of governmental regulations and rulings, advising clients of changes to ensure each plan we administer remains compliant in an industry known for change and volatility. For more information, please visit: www.rsgweb.com.
About Shore Capital Partners
Shore Capital Partners, a Chicago-based private equity firm with offices in Nashville, is focused on microcap investments within the Healthcare, Food and Beverage, Business Services and Real Estate industries. Shore supports management partners with capital, business development expertise and industry knowledge to accelerate growth, fund acquisitions and generate value for shareholders. Shore targets investments in proven, successful private companies with superior management teams, stable cash flow and significant growth potential, including organic growth and growth through industry consolidation. Shore has approximately $3 billion of cumulative capital commitments through various investment vehicles. For more information, please visit: www.shorecp.com.