Genstar, Aquiline to Buy Ascensus from J.C. Flowers
September 29, 2015
Genstar Capital and Aquiline Capital Partners have agreed to acquire Ascensus, the largest independent service provider of retirement and college savings plans in the U.S., from J.C. Flowers & Co. The deal is expected to close in 4Q. Founded over 30 years ago, Ascensus supports more than 1.7 million retirement plan participants and administers more than 3.3 million 529 college savings accounts, along with more than 1.5 million IRAs and HSAs; it is said to generate annual EBITDA of $80 million. J.C. Flowers backed the company eight years ago and earlier this year was said to be seeking bids of $1 billion.