Acquisition Significantly Enhances Prime Pensions’ Retirement Plan Portfolio
FLORHAM PARK, N.J. — Prime Pensions, LLC (“Prime Pensions”), a portfolio company of Mill Point Capital LLC (“Mill Point”), announced today that it has completed the acquisition of Pension Benefits Unlimited, Inc. (“PBU” or the “Company”), a California-based provider of retirement plan design, administration and consulting services.
PBU is a leading regional provider of third-party retirement plan compliance and administration services to small and medium-sized businesses. The Company’s 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 1992, PBU has become a top California service provider and thought leader in the retirement plan administration industry. The Company is headquartered in Irvine, California and primarily operates in the Western United States.
Dave Kobrine, President and Founder of PBU commented, “We are very excited to join the Prime Pensions family. We believe this partnership will facilitate a new phase of growth for PBU while enabling us to continue to provide an exceptional level of service for our clients. We are looking forward to this new chapter for the Company and joining the Prime Pensions team.”
“Over the course of its 30+ year history, Dave has established an outstanding firm renowned for delivering the highest quality retirement plan services to its clients in the Western United States. I am excited for the upcoming partnership with Dave and the PBU team as we execute on the numerous growth opportunities ahead,” said Scott Feit, CEO of Prime Pensions.
“PBU has solidified its position as a trusted advisor and leader in providing retirement plan services in the California region. We are excited to have the management team of PBU continue in their roles and join the Prime Pensions family,” added Brandon Sarno, Vice President at Mill Point.
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.
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.
Reposted from Business Wire.