Acquisition Significantly Enhances Prime Pensions’ Retirement Plan Portfolio
FLORHAM PARK, N.J., August 16, 2022--(BUSINESS WIRE)--Prime Pensions, LLC ("Prime Pensions"), a portfolio company of Mill Point Capital LLC ("Mill Point"), announced today that it has completed a carve-out of Aldrich Retirement Solutions, LP ("ARS" or the "Company"), an Oregon-based provider of retirement plan design, administration and consulting services.
ARS is a leading provider of third-party retirement plan compliance and administration services to small and medium-sized businesses. Key services include plan design and implementation, annual administration, consulting and other actuarial services to ensure its clients are compliant with the United States Department of Labor, IRS and other regulatory organizations. Since the Company’s founding in 2000, ARS has been a top Oregon service provider in the retirement plan administration industry. The Company is headquartered in Lake Oswego, OR and primarily operates in the Western United States.
David Strom, President of ARS, commented, "Our partnership with Prime Pensions and Mill Point provides meaningful resources to drive both future growth and expansion of our client base. This partnership demonstrates our commitment to providing exemplary service to our clients."
Scott Feit, CEO of Prime Pensions, commented, "The acquisition of ARS is highly complementary to Prime Pensions as it diversifies our client base and adds significant extension to our geographic presence. We are thrilled that ARS and its clients are joining the Prime Pensions family. I am looking forward to having the President of ARS continue in his role and join the leadership team of the combined business."
About Prime Pensions
Headquartered in Florham Park, NJ, Prime Pensions is an independent provider of retirement plan compliance and administration services primarily to small and medium-sized businesses. Prime Pensions is not affiliated with any investment product provider and does not offer investment advice. For more information, please visit www.primepensionsinc.com.
About Mill Point Capital
Mill Point is an operationally-oriented private equity firm targeting control investments in lower-middle market companies, with a focus on business services, IT services and industrials sectors in North America. Mill Point’s experienced team of investors and Executive Partners seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.
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