Deals & People August 8, 2024

Prime Pensions Acquires Pennsylvania-Based TPA, Adds 350 Plans

The addition comes after Prime Pensions received PE backing from Lightyear Capital earlier this year.

Reported by

Retirement plan administrator Prime Pensions Inc. has acquired third-party administrator Valley Forge Pension Management, bringing on 350 plans and expanding its footprint into Pennsylvania.

Florham Park, New Jersey-based Prime Pensions will bring on the additional plans and increased services, according to an announcement Tuesday. The deal brings Prime Pensions, founded in 2012, to more than 11,000 plan clients across eight offices.

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The deal comes after private equity firm Lightyear Capital made a strategic investment in Prime Pension in February, in part to fuel further growth, according to an announcement.

Prime Pensions declined to provide terms of the VFPM deal.

Berwyn, Pennsylvania-based VFPM was founded in 1998 as the retirement plan administration business of Valley Forge Financial Group, a financial services provider for high- and ultra-high-net-worth families. It grew to provide retirement plan compliance and administration services to small and midsized businesses.

Company heads Dena Hadzinikolov and Luci Hartman will remain with the firm as leads for Pennsylvania-based clients, according to the announcement.

“This strategic acquisition aligns perfectly with our mission to deliver a tailored, high-touch service offering to retirement plan sponsors across the U.S.,” said Prime Pensions Founder and CEO Scott Feit in a statement. “We look forward to working closely with Dena, Luci and the VFPM team as we execute on the numerous growth opportunities ahead.”

MarshBerry served as the adviser to Valley Forge Pension Management.

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