Genstar Capital, a San Francisco-based middle-market private equity firm—which, among other companies, is an owner of Asset International, Inc.—and Aquiline Capital Partners, a New York-based private equity firm investing in financial services, have entered into a definitive agreement to acquire Ascensus, Inc. from J.C. Flowers & Co. The transaction is expected to close in the fourth quarter, following regulatory approvals and other customary closing conditions.
Ascensus is an independent service provider of retirement and college savings plans, offering a suite of defined contribution (DC) and defined benefit (DB) retirement solutions, including benefits education, 529 college plan recordkeeping and administration for more than 17 states, as well as individual retirement account (IRA) and health savings account (HSA) administration.
Ascensus President and CEO Bob Guillocheau says, “Genstar and Aquiline’s commitment to Ascensus will strengthen our capabilities and services, allowing us to maintain our long-term focuses on serving our clients’ needs and remaining a top workplace for our associates.”
Roberta Hess, vice president of marketing and communications for Ascensus, adds that “from the perspective of plan sponsors, financial advisers and consultants, it will be business as usual for us at Ascensus. Since the company has been owned by a private equity firm, and will be acquired by another private equity firm, it will not impact our day-to-day business.”
She continues: “We’re excited about how Genstar Capital and Aquiline Capital Partners will be able to help us further focus on servicing our clients’ needs.”
Ascensus Inc. manages retirement assets of $57 billion and $69 billion in college saving plans.