Ascensus is pleased to announce that owners Genstar Capital and Aquiline Capital Partners have welcomed new investors to their ownership group.
Led by Atlas Merchant Capital LLC, the new investors will acquire just under 25% of Ascensus. The transaction is expected to close in the first quarter, following regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed.
Atlas Merchant Capital has deep operating and technical expertise within the financial services industry. Its philosophy is rooted in long-term commitment and partnership. The Atlas investor group includes GIC, Singapore's sovereign wealth fund.
"We're extremely pleased that the Atlas investor group has chosen to invest in Ascensus," said Bob Guillocheau, chairman and chief executive officer of Ascensus. "We're also grateful to have the continued support of our owners Aquiline and Genstar as we continue to focus on delivering exceptional service to our clients and boost our future growth."
"Strong support from our existing and new financial sponsors is critical as we continue to pursue our passion, which is helping Americans save today for a better tomorrow," continued Guillocheau.
David Schamis, founding partner and chief investment officer of Atlas, was a previous chairman of Ascensus.
"We admire Ascensus' robust technology platform, industry-leading expertise, and unparalleled service model," said Schamis.
"Ascensus has experienced significant growth and has a strong track record of continued success. The Atlas investor group has confidence in Ascensus' management and the company's future growth trajectory. I am personally thrilled to be back in business with Bob and the excellent team at Ascensus."
"Aquiline and Genstar believe that Ascensus has a strong management team and significant ability to create value and drive continued growth as a leader in savings and retirement. We fully support Ascensus' strategy, mission, and vision and are pleased to help them maintain this positive momentum in conjunction with the Atlas investor group," Aquiline and Genstar jointly stated.
"Together, we stand behind Ascensus and their commitment to helping individuals, businesses, advisors, financial institutions, and governments."
Barclays acted as the lead financial advisor and J.P. Morgan acted as financial advisor to Ascensus in connection with this transaction. Willkie Farr & Gallagher LLP acted as legal counsel to the company. Debevoise & Plimpton LLP acted as legal counsel to Atlas Merchant Capital and Sidley Austin LLP acted as legal counsel to GIC.
