An investor group led by Atlas Merchant Capital LLC is buying just under 25 percent of Ascensus. Financial terms weren’t announced. GIC, Singapore’s sovereign wealth fund, is part of the group. Ascensus, of Dresher, Pennsylvania, provides retirement-plan services. Barclays and J.P. Morgan provided financial to Ascensus, while Willkie Farr & Gallagher LLP acted as legal counsel to the company. Debevoise & Plimpton LLP acted as legal counsel to Atlas Merchant Capital and Sidley Austin LLP acted as legal counsel to GIC.
Ascensus and Owners Genstar Capital and Aquiline Capital Partners Welcome New Investors, Led by Atlas Merchant Capital LLC, to Ownership Group
Dresher, Pennsylvania—February 19, 2019—Ascensus—whose technology and expertise helps millions of people save for retirement, education, and healthcare—is pleased to announce that owners Genstar Capital and Aquiline Capital Partners have welcomed new investors to their ownership group. Led by Atlas Merchant Capital LLC, the new investors will acquire just under 25% of Ascensus. The transaction is expected to close in the first quarter, following regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed.
Atlas Merchant Capital has deep operating and technical expertise within the financial services industry. Its philosophy is rooted in long-term commitment and partnership. The Atlas investor group includes GIC, Singapore’s sovereign wealth fund.
“We’re extremely pleased that the Atlas investor group has chosen to invest in Ascensus,” said Bob Guillocheau, chairman and chief executive officer of Ascensus. “We’re also grateful to have the continued support of our owners Aquiline and Genstar as we continue to focus on delivering exceptional service to our clients and boost our future growth.”
“Strong support from our existing and new financial sponsors is critical as we continue to pursue our passion, which is helping Americans save today for a better tomorrow,” continued Guillocheau.
David Schamis, founding partner and chief investment officer of Atlas, was a previous chairman of Ascensus. “We admire Ascensus’ robust technology platform, industry-leading expertise, and unparalleled service model,” said Schamis. “Ascensus has experienced significant growth and has a strong track record of continued success. The Atlas investor group has confidence in Ascensus’ management and the company’s future growth trajectory. I am personally thrilled to be back in business with Bob and the excellent team at Ascensus.”
“Aquiline and Genstar believe that Ascensus has a strong management team and significant ability to create value and drive continued growth as a leader in savings and retirement. We fully support Ascensus’ strategy, mission, and vision and are pleased to help them maintain this positive momentum in conjunction with the Atlas investor group,” Aquiline and Genstar jointly stated. “Together, we stand behind Ascensus and their commitment to helping individuals, businesses, advisors, financial institutions, and governments.”
Barclays acted as the lead financial advisor and J.P. Morgan acted as financial advisor to Ascensus in connection with this transaction. Willkie Farr & Gallagher LLP acted as legal counsel to the company. Debevoise & Plimpton LLP acted as legal counsel to Atlas Merchant Capital and Sidley Austin LLP acted as legal counsel to GIC.
Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. The firm delivers technology and expertise to help millions of people save for what matters most—retirement, education, and healthcare. For more information about Ascensus, visit ascensus.com. View career opportunities at careers.ascensus.com.
About Aquiline Capital Partners LLC
Aquiline Capital Partners, founded in 2005, is a private equity firm based in New York and London investing in businesses across the financial services sector in banking and credit, insurance, investment management, and financial technology and services. For more information about Aquiline, its investment professionals, and its portfolio companies, please visit: www.aquiline.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 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $10 billion of assets under management and targets investments focused on targeted segments of the financial services, software, industrial technology, and healthcare industries.
About Atlas Merchant Capital LLC
Atlas Merchant Capital LLC was founded to participate in compelling market opportunities in the financial services sector. Based in New York and London, Atlas Merchant Capital was founded by Bob Diamond and David Schamis, who together with their partners form a complementary partnership with extensive operating and investing expertise across the financial services landscape. For more information about Atlas Merchant Capital, please visit www.atlasmerchantcapital.com.
GIC is a leading global investment firm established in 1981 to manage Singapore’s foreign reserves. A disciplined long-term value investor, GIC is uniquely positioned for investments across a wide range of asset classes, including equities, fixed income, private equity, real estate, and infrastructure. GIC has investments in over 40 countries. Headquartered in Singapore, GIC employs over 1,500 people across 10 offices in key financial cities worldwide. For more information about GIC, please visit www.gic.com.sg.