Rainier Partners Announces Platform Investment in WPAS
Deal News | Dec 19, 2024 | Rainier Partners
Rainier Partners, a private equity firm based in Seattle, has announced a strategic investment in Welfare & Pension Administration Service (WPAS), a third-party administration firm based in Mercer Island, Washington. WPAS, established in 1953, specializes in the administration of multi-employer benefit plans, notably Taft-Hartley trust plans. The investment by Rainier Partners is expected to foster WPAS’s growth and its ability to serve more multi-employer trusts across the U.S., capitalizing on the growing complexity in the benefits administration sector. This partnership represents a key milestone for WPAS, which currently serves over 450,000 members nationwide. Jon Altman, Co-Founder of Rainier Partners, emphasizes the firm's commitment to aiding WPAS in its expansion through strategic partnerships and operational resources. Rainier Partners focuses on lower middle-market service businesses, possessing assets exceeding $375 million. They engage in industries where they have significant expertise, with a goal of supporting management teams and business owners through growth capital and strategic alignments.
Sectors
- Financial Services
- Business Services
Geography
- United States – The companies and services involved are based in the United States, with Rainier Partners in Seattle, WA and WPAS in Mercer Island, WA.
Industry
- Financial Services – The article involves Rainier Partners investing in a company that provides benefit plan administration services, which falls under the broad category of financial services.
- Business Services – WPAS provides third-party administration services, which are an integral part of business services, focusing on multi-employer benefit plans.
Financials
- $375 million – Rainier Partners' assets under management.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Rainier Partners | Bidding Company | Company | A private equity firm based in Seattle, focused on investments in lower middle-market services businesses. |
| Welfare & Pension Administration Service (WPAS) | Target Company | Company | A third-party administration firm specializing in multi-employer benefit plan administration. |
| Adam Keck | WPAS CEO | People | Chief Executive Officer of WPAS, managing the company through strategic growth. |
| Jon Altman | Rainier Co-Founder and Managing Partner | People | Co-Founder and Managing Partner at Rainier Partners, leading the firm's investment and growth strategy. |
| Henry Anderson | Rainier Vice President | People | Vice President at Rainier Partners, contributing to investment and strategic planning decisions. |