FTV Capital again seeks buyer for Aspire Financial

  • Parthenon said June 6 that it closed Mid Atlantic buy
  • FTV invested $25 mln in Aspire in 2012
  • FTV sought $100 mln for Aspire in 2016: source

FTV Capital, the San Francisco growth firm, again has put Aspire Financial Services up for sale, three sources said.

FTV has not hired a banker this time around. Instead, the firm is reaching out to select parties, one of the sources said. Aspire, of Tampa, Florida, provides retirement-plan solutions to small and medium-sized businesses.

The Wall Street Journal reported in 2016 that FTV was seeking a buyer for Aspire. FTV sought $100 million for Aspire in 2016, one of the sources said.

“FTV has been trying to sell Aspire for two years,” the person said.

Parthenon Capital is one of the parties FTV is currently talking with for Aspire, two of the sources said. Parthenon just closed its buy of Mid Atlantic Capital Group, which offers custody, brokerage, trade-processing and financial services to the financial-planning community.

Parthenon wants Aspire for Mid Atlantic, but there is a “valuation disconnect,” the person said.

It’s unclear how much FTV is now seeking for Aspire. The growth firm invested $25 million in Aspire in 2012.

FTV targets technology and services, financial services, as well as payments and transaction processing, PitchBook said.

The firm is investing out of its fifth fund, which closed on $850 million in 2016. The firm’s fourth pool raised $700 million in 2014.

FTV is very active. This week, the firm invested $50 million in Sunlight Financial. It announced a $35 million investment in Tango Card last month and, in January, a $30 million investment in EBANX.

Executives for FTV, Aspire and Parthenon could not be reached for comment.

Action Item: Contact Mark Agustin, Aspire president and COO, at mark.agustin@aspirefinser.com