Mill Point Capital, a private equity firm focused on control investments in North American mid-market companies across the business services, industrials and IT services sectors, has sold Prime Pensions, a US provider of retirement plan compliance and administration services.
Prime Pensions is headquartered in Florham Park, New Jersey and provides third-party retirement plan compliance and administrative services — including plan design and implementation, annual administration, consulting and other actuarial services — to small and medium-sized businesses, to ensure their clients are compliant with US regulators.
Over the course of its three-year ownership, Mill Point Capital worked with the company’s management to transform the business from a regional TPA to a national provider, with additions to senior management, the implementation of new technology systems and investment in the sales organisation, according to a press release. As a result, the company grew the number of plans under administration by more than 330%.
In a statement, Dustin Smith, Managing Partner at Mill Point Capital, said: “We worked tirelessly to scale the company, employing both organic and inorganic growth strategies, to establish a platform that not only provides outstanding TPA services, but is also positioned for sustained growth.”
Raymond James acted as financial advisor to Mill Point Capital and Prime Pensions.
