Genstar Capital and Aquiline Capital Partners have closed their previously announced buy of Ascensus Inc, a provider of retirement and college savings plans. The seller was J.C. Flowers & Co. No financial terms were disclosed.
SAN FRANCISCO and NEW YORK – December 3, 2015 – 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, today announced the completion of the previously announced acquisition of Ascensus, Inc. from J.C. Flowers & Co. 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.
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. Under the new ownership, Ascensus will continue to expand its reach in its core markets and invest in both organic and other strategic growth initiatives.
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.