Willkie is representing the buyers in the proposed acquisition of the country’s largest independent service provider of retirement and college savings plans.
On September 28, Willkie clients Genstar Capital and Aquiline Capital Partners announced that they have agreed to acquire Ascensus, Inc. from private investment firm J.C. Flowers & Co.
The largest independent retirement and college savings services provider in the United States, Ascensus supports more than 1.7 million retirement plan participants and administers more than 3.3 million 529 college savings accounts, along with more than 1.5 million IRAs and HSAs.
Genstar is a San Francisco-based middle-market private equity firm. Aquiline is a New York-based private equity firm investing in financial services. In 2013, Willkie represented both firms in their joint $412.5 million acquisition of Genworth Financial Inc.’s wealth management business.
The Willkie deal team for the current transaction was led by partner Jeffrey Poss and included partners Jeffrey Goldfarb, Christopher Peters, Eugene Chang, Jordan Messinger, Allison Tam and David Katz, of counsel Martin Miller and Elliot Gluck, and associates Manuel Miranda, Abby Branigan, Davina Mansur, Edward Torres, Meghan Hungate, Isabel Araujo, Kristen DiCarmine, Zelda Ferguson and Halie Klein.