Ascensus acquires Beneco from Alpine Investors
Ascensus acquisition of Beneco : Ascensus, a US-based retirement and college savings services provider, has acquired Beneco, a provider of bundled retirement and health and welfare benefits administration solutions in the wage market, from Alpine Investors.
Financial terms of Ascensus acquisition of Beneco were not disclosed.
Beneco provides a comprehensive suite of recordkeeping, third-party administration, and benefit plan consulting services. It will become part of the FuturePlan by Ascensus line of business with immediate effect.
Headquartered in Scottsdale, Arizona, Beneco allies with contractors to help them to build their businesses while enabling their employees work towards a secure and prosperous future for their families. The company has more than 30 years of benefits experience catering to the prevailing wage space, and is said to have the expertise and credibility required to serve the complex needs of wage business owners and their employees.
Ascensus acquires Beneco from Alpine Investors. Image courtesy of Sira Anamwong at FreeDigitalPhotos.net.
Kristy Bryson – Beneco CEO, commenting on Ascensus acquisition of Beneco, said: “For more than 30 years, Beneco has partnered with prevailing wage businesses all over the country to help them provide their employees with comprehensive benefits and valuable retirement plans.
“We have invested time and resources to successfully position our business for the future and are excited to execute on new growth opportunities as part of FuturePlan.”
Waller Helms Advisors was the financial advisor to Beneco and Alpine Investors for the deal.
Commenting on Ascensus acquisition of Beneco, Jerry Bramlett – head of FuturePlan by Ascensus, said: “At FuturePlan, we understand that contractors face unique challenges when it comes to creating and managing an employee benefits plan while keeping the cost of their bids down.
“Beneco is one of the largest prevailing wage specialists in the country—adding their significant scale and unrivaled expertise to the FuturePlan team will allow us to help prevailing wage businesses to build a better future for their employees while giving them the ability to be more competitive with their contract bids.”
Based in Dresher, Pennsylvania, Ascensus is a recordkeeping services provider, third-party administrator, and government savings facilitator. The company provides technology and expertise to help its customers save for their retirement, education, and healthcare.
In June 2019, Ascensus signed a deal to acquire Minneapolis-absed HR Simplified, a third-party administration company that serves consumer-directed health (CDH) plans and offers COBRA administration.