SAN FRANCISCO & TAMPA, Fla.--(BUSINESS WIRE)--Alpine Investors (“Alpine”), a people-driven private equity firm, today announced the sale of its portfolio company, MidAmerica Administrative & Retirement Solutions (“MidAmerica”) to U.S. Retirement & Benefits Partners (“USRBP”). MidAmerica administers retirement and health & welfare plans for public sector employers. Terms of the sale were not disclosed.
MidAmerica was founded in 1995 with the goal of making health & retirement benefits funding simple and effective for public school employees, firefighters, law enforcement officers, and other public sector workers across the country.
In 2015, Alpine acquired MidAmerica with the aim of developing and empowering its team and bringing awareness to its products. Through its CEO program, Alpine hired and installed MidAmerica’s CEO, Jim Tormey, who built out a strong management team focused on providing valuable benefits funding and administration solutions. Jim Tormey and the MidAmerica management team will continue with the Company in their current roles.
MidAmerica has since become a leading third-party administrator providing both retirement and health & welfare solutions for the public sector. Under Tormey’s leadership, client retention soared to over 99% each year and its employee Net Promotor Score increased over 70 points. The team drove substantial improvements in its service offering as demonstrated by a significant decrease in claims processing times, average call wait time, and call abandonment rates.
“Jim’s people-driven mindset and customer-centric focus has created both a strong team culture and an ever-growing list of happy customers. We look forward to the next phase of growth for MidAmerica under the support and strategic guidance of USRBP,” said Matt Moore, partner at Alpine.
"Over the last few years, the team at MidAmerica has prioritized continuous improvement which has resulted in best-in-class service quality, renewed trust from our customers, and an uptick in organic growth,” said Jim Tormey. “Our partnership with USRBP will allow MidAmerica to continue on its mission of allowing public sector employers to reduce costs, attract and retain great talent, and deliver financial peace of mind for their employees.”
Raymond James served as the exclusive financial advisor to MidAmerica and Wilson Sonsini served as legal counsel.
About Alpine Investors
Alpine Investors is a people-driven private equity firm that is committed to building enduring companies by working with, learning from, and developing exceptional people. Alpine specializes in investments in middle-market companies in the software and services industries. Its PeopleFirst strategy includes a CEO-in-Residence program which allows Alpine to bring proven leadership to situations where additional or new management is needed post-transaction. Alpine is currently investing out of its $1 billion seventh fund. For more information, visit http://www.alpineinvestors.com.
About MidAmerica Administrative & Retirement Solutions
Founded in Lakeland, Florida in 1995, MidAmerica was built with a customer-centric culture, laying the foundation for an organization that focuses on taking care of the people who do so much to serve our communities. Currently, MidAmerica services more than half a million participants across 33 states. For more information, visit www.mymidamerica.com.
About U.S. Retirement & Benefits Partners
U.S. Retirement & Benefits Partners, with headquarters in Iselin, NJ, is one of the nation's largest independent, national financial services firms specializing in employee benefit and employer-sponsored retirement plans in the K-12 public school, governmental, corporate, and non-profit markets. USRBP serves over 2.5 million participants through 45 regional Partner Firms. For more information, visit www.usrbpartners.com.
