LLCP-backed Blue Ridge ESOP Associates acquires Crowe’s tax benefits plan services business

Blue Ridge ESOP Associates is the an ESOP and 401(k) third party administration and recordkeeping firm.

  • The BPS business has a staff of nearly 30 and serves over 400 clients
  • Blue Ridge ESPOP was founded in 1988
  • LLCP currently manages $9 billion of assets

Blue Ridge ESOP Associates, a portfolio company of Levine Leichtman Capital Partners, has acquired substantially all of Crowe LLP’s tax benefits plan services business. No financial terms were disclosed.

The BPS business has a staff of nearly 30 employees and it currently serves over 400 clients and more than 500 plans that are expected to transition to Blue Ridge.

Josh Kaufman, senior managing director at LLCP, said in a statement, “This strategic acquisition reflects our increased support of Blue Ridge and cements the company’s leadership position in ESOP and 401(k) third party administration and recordkeeping. The addition of the valuable talent and expertise of the Crowe BPS business significantly enhances Blue Ridge’s service offering and positions the company for considerable future growth.

Founded in 1988, Blue Ridge ESOP Associates is the an ESOP and 401(k) third party administration and recordkeeping firm. Blue Ridge provides plan administration and repurchase obligation forecasting. Blue Ridge administers over 1,200 ESOP company clients and thousands of 401(k) plans. The Blue Ridge family of companies employs over 165 talented professionals and is headquartered in Charlottesville, Virginia.

Crowe LLP is a public accounting, consulting and technology firm.

Levine Leichtman Capital Partners, LLC is a middle-market private equity firm that has managed approximately $13 billion of institutional capital across 15 investment funds and has invested in over 100 portfolio companies. LLCP currently manages $9 billion of assets and has offices in Los Angeles, New York, Chicago, Charlotte, Miami, London, Stockholm, The Hague and Frankfurt.