Genstar Capital and Aquiline Capital Partners have announced the completion of their previously announced acquisition of Ascensus, Inc. from J.C. Flowers & Co.

Read: Mercer Advisors acquires Spruce Hill Capital

Terms of the transaction were not disclosed. It is the second acquisition on which Genstar and Aquiline have partnered.

Ascensus is the largest independent service provider of retirement and college savings plans in the country.

Read: United Captial acquires retirement business from PSA

Founded more than 30 years ago, it has since expanded into new markets within the financial services industry to offer a suite of defined contribution and defined benefit retirement plan solutions, benefits education, 529 college savings plan recordkeeping, and IRA and health savings account administration.

Read: Financial Engines acquires The Mutual Fund Store

Ascensus specializes in recordkeeping, administrative, and program management services, supporting over 40,000 retirement plans and over 3.3 million 529 college savings accounts. It also administers more than 1.5 million IRAs and health savings accounts.

New York-based private equity firm Aquiline invests in middle-market businesses across the financial services sector in banking and credit, insurance, investment management and markets, and financial technology.

San Francisco-based private equity firm Genstar manages funds with total capital commitments of over $5 billion and targets investments focused on selected sectors within the financial services, software, industrial technology, and healthcare industries.

Instant Insights /

Genstar Capital, Aquiline Capital Partners acquire Ascensus

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