HealthPlan Holdings, a portfolio company of Water Street Healthcare Partners, has acquired Zenith Administrators, Inc. The company will merge Zenith with its subsidiary, American Benefit Plan Administrators, Inc, creating a national third-party administrator of health care, retirement and other benefits to Taft-Hartley trust funds, and state and municipal plans.
Together, ABPA and Zenith will have more than 1,200 employees dedicated to providing benefit administration services to nearly 2 million plan participants across the country. The newly merged companies will offer customers the broadest range of services to administer benefits and manage compliance requirements associated with their Taft-Hartley plans. In addition, ABPA and Zenith will have a significantly greater geographic presence to provide customers with localised expertise and support.
“This acquisition enables our companies to offer the industry’s most comprehensive administration solutions that can be customised to meet our clients’ unique requirements for all aspects of their benefit programs. As one organisation, we are committed to investing our collective expertise and resources to enhance our services for the future. Our goal is to support our clients with managing the increasingly complex regulatory -more-
issues and rising costs associated with their benefit programs,” says Jeff Bak, president and chief executive officer, HealthPlan.
Together, Zenith and ABPA will offer customers more than 120 years of experience in Taft-Hartley benefit plan administration. Art Schultz will serve as chief executive officer of the combined company. He previously was executive vice president and chief operating officer of HealthPlan Services. John Corapi will continue to serve as president of Zenith.
“Our two companies are highly regarded for our focus on our clients,” says Corapi. “This merger poises our companies to leverage our combined expertise to accomplish much more on behalf of our clients. Together, we have the best resources available to address the increasingly complicated technical and compliance issues related to Taft-Hartley benefit plans.”
