Prime Pensions – one of the fastest-growing independent providers of retirement plan compliance and administration services – announced that Lightyear Capital has made a strategic investment in the company. Lightyear Capital is a private equity firm that partners with growing companies at the nexus of financial services and technology, healthcare, and business services.
Prime Pensions is a premier national provider of third-party administration for retirement plans and the company provides full coverage of defined contribution and defined benefit solutions, including design, implementation, and administration. And since being founded in 2012, Prime Pensions has experienced strong growth through a combination of organic initiatives and acquisitions. The Company services over 11,000 clients and employs a team of over 225 dedicated employees across 7 locations.
Davis Polk & Wardwell LLP served as legal counsel and William Blair & Company served as financial advisor to Lightyear.
KEY QUOTES:
“We are excited to welcome Prime Pensions to our portfolio. Our investment in Prime Pensions reflects the intersection of two long-term Lightyear investment themes: the growing need for independent retirement advice and increasing reliance on compliance solutions. We look forward to partnering with Scott and the team at Prime Pensions to continue to scale the business.”
- Mark Vassallo, Managing Partner at Lightyear
“Our partnership with Lightyear allows us to continue to provide unparalleled service and solutions to our clients, as well as accelerate our journey to becoming the premier third-party retirement administrator nationwide. Lightyear brings deep domain expertise and robust operating resources that will help accelerate our growth and expand our capabilities.”
- Scott Feit, Chief Executive Officer of Prime Pensions
“The massive and growing retirement sector encompasses over 800,000 plans and is supported by regulatory and demographic tailwinds. We look forward to partnering with Prime Pensions in continuing the company’s strong growth amid the significant opportunity in the retirement market.”
- Max Rakhlin, Managing Director at Lightyear
“We believe Prime Pensions is well-positioned to achieve outsized growth through their differentiated approach to client service and as an acquiror of choice in the market. We are grateful to be able to partner with Scott and the entire management team.”
- Michael Langer, Managing Director at Lightyear
