Periscope Equity Completes WPAS Investment Sale
In a significant move, Periscope Equity, a private equity firm based in Chicago, has announced the sale of its investment in Welfare & Pension Administration Service, Inc. (WPAS). This firm is known for its focus on Taft-Hartley administrations and offers a range of services related to health, welfare, and pension benefits for union members and their families. The sale has been made to Rainier Partners, marking another chapter in Periscope's growth story.
Celebrating Achievements with WPAS
Reflecting on this partnership, John Findlay, a partner at Periscope Equity, expressed immense pride in the management team's dedication towards achieving the envisioned goals. He noted that the alliance aimed to position WPAS as a leading Taft-Hartley third-party administrator. Collaborative efforts with the likes of Adam Keck, the CEO of WPAS, played a pivotal role in differentiating their tech-enabled business services.
Growth Journey Since 2020
Periscope's journey with WPAS began in 2020, with a clear vision to boost the company's sales growth and operational processes through technology. The partnership proved fruitful, with WPAS expanding its workforce by more than 75 employees and launching four new offices nationwide during their collaboration. This period of growth was achieved through diligent execution of the strategic plan that focused on investment in personnel, operations, and advanced technologies.
Enhanced Service Offerings
Adam Keck, the CEO of WPAS, highlighted how Periscope Equity infused fresh perspectives and provided operational resources that empowered their team. He emphasized that together they not only problem-solved but also stayed true to their core values: Purpose, Accountability, and Service. These values guided their journey through a series of commendable milestones.
Milestones Achieved by WPAS
Over the past four years, WPAS marked several milestones, notably launching a Managed Care program in 2021 and acquiring Benefit Program Administrators in 2022. Joe McIlhattan, a Principal at Periscope, commended the entire WPAS management team for their hard work and dedication, setting a strong foundation for future endeavors with Rainier Partners.
Financial and Legal Advisory
Throughout this transaction, Waller Helms Advisors provided financial advisory services to WPAS, while Kirkland & Ellis LLP acted as legal counsel, ensuring that the process was thorough and efficient.
About Welfare & Pension Administration Service
Founded in 1953, Welfare & Pension Administration Service, Inc. is a trusted third-party administrator primarily serving multi-employer benefit plans. Their commitment is to ensure that union members access the health and retirement benefits they rightfully deserve.
About Periscope Equity
Established in 2012, Periscope Equity is a Chicago-based firm focused on partnering with technology-driven, founder-owned business services companies. They strive to invest in firms that show a history of profitability and potential for accelerated growth, providing operational support to enhance investment outcomes.
Frequently Asked Questions
What recent announcement did Periscope Equity make?
Periscope Equity announced the sale of its investment in Welfare & Pension Administration Service, Inc. to Rainier Partners.
What was the strategic goal of Periscope with WPAS?
The goal was to accelerate sales growth and expand WPAS's geographic reach in the Taft-Hartley benefits administration sector.
Who provided advisory services during the sale?
Waller Helms Advisors acted as the financial advisors, while Kirkland & Ellis LLP provided legal counsel for the transaction.
What achievements did WPAS accomplish during the partnership?
WPAS launched new services like the Managed Care program and expanded its workforce and offices throughout the country.
When was WPAS founded and what services do they provide?
WPAS was founded in 1953, providing comprehensive benefits administration services for union members in the multi-employer sector.
