July Acquires Sunwest Pensions to Expand National Presence

401(k) provider and administrator July Business Services Inc. announced Tuesday that it has acquired Tempe, Arizona-based recordkeeper and third-party administrator Sunwest Pensions.

The acquisition by Waco, Texas-based July will add 500 clients and 26 employees, according to the announcement. The firm did not disclose details of the investment.

John Humphrey, July’s president and CEO, noted in a statement Sunwest’s focus on clients and investment in professional development.

“Since our establishment in 1998, we have always strived to provide our clients with a boutique experience they truly deserve,” Theresa Conti, founder and president of Sunwest Pensions, said in a statement. “When selecting a partner to lead our next chapter, it was vital for us to find a company that values and provides growth opportunities for our talented team.”

Sunwest is July’s fourth acquisition in 2023 as the company pursues strategic growth opportunities. Earlier this year, July acquired the retirement plan recordkeeping and administration business of HTLF Retirement Plan Services and Digital Retirement Solutions, according to company announcements.

In 2022, July secured capital investment from private equity firm Platform Partners LLC to fuel its growth strategy, including acquisitions and product innovation. The firm, which specializes in retirement plan design for small and midsize businesses, said the investment was part of a growth strategy, including building its base of advisers and adding further white-label outsourcing services.

The firm now has 7,500 clients comprised of 160,000 plan participants and $9.6 billion in plan assets.