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Deals & People June 24, 2009
CUNA Mutual Acquires CPI
The Madison, Wisconsin-based CUNA Mutual Group will acquire CPI Qualified Plan Consultants, Inc.
Reported by Fred Schneyer
According to a news release, the acquisition of CPI, a Great Bend, Kansas-based recordkeeper will mean CUNA Mutual will be servicing more than 7,500 retirement plans with assets under administration nearing $10 billion.
CPI is the largest U.S. employee-owned, third-party administrator in the U.S., according to the release. In addition to recordkeeping, it also provides payroll services, as well as 403(b) common remitter and compliance services.
CPI was incorporated in 1972 and has more than 400 employees. It provides administrative services to more than 3,600 clients nationwide with plan assets under administration of approximately $5 billion.
CUNA Mutual’s Retirement Plan Services division specializes in providing fully bundled retirement plans to credit unions throughout the U.S. CUNA Mutual’s plan assets under administration total nearly $5 billion.
The majority of the business from both companies is in the micro- and small-plan market (up to $10 million in assets). No immediate changes are expected in either organization, the release said.
The sale is expected to close June 30. Terms of the transaction are not being disclosed.