SEATTLE--(BUSINESS WIRE)--Rainier Partners, a private equity firm investing in lower middle-market services businesses, is pleased to announce its investment in Welfare & Pension Administration Service (“WPAS”), a third-party administration (TPA) firm specializing in multi-employer benefit plan administration.
Based in Mercer Island, WA, WPAS has a 70+ year history of dedicated, high-quality service to multi-employer benefit plans and their members. Today, WPAS is one of the largest TPAs of its kind, servicing numerous Taft-Hartley trust plans. Rainier’s investment will assist in WPAS’s continued growth, enabling WPAS to serve more multi-employer trusts nationwide.
“Today’s news marks an important milestone in the history of our business,” said WPAS CEO Adam Keck. “Since 1953, WPAS has been a premier service provider to Taft-Hartley multi-employer trusts. We take great pride in offering full-service trust administration to over 450,000 active members and their families across the U.S. We’re confident this partnership will pave the way for the next phase of our growth journey.”
“Rainier is proud to welcome the WPAS team to our portfolio,” said Rainier Co-Founder and Managing Partner Jon Altman. “They are the best in the business at what they do, and we are excited to put our expertise in financial and business services to work to help them drive further expansion.”
“The increasing complexity of the benefits administration landscape has only strengthened the need for trusted partners like WPAS,” added Rainier Vice President Henry Anderson.
WPAS is a TPA firm founded in 1953 that provides services primarily to multi-employer benefit plans. WPAS is the trusted partner of dozens of such plans, helping to ensure that their members receive the health and retirement benefits they have earned. Visit the WPAS website here: www.wpas-inc.com.
Rainier Partners is a Seattle-based private equity firm with over $375 million in assets under management that invests in lower middle-market services businesses. Rainier looks for opportunities to actively support business owners and management teams by providing growth capital, operational resources, and strategic partnership. We focus on industries in which we have extensive experience, a network of partners, and deep resources: business services, consumer services, industrial services, and financial services. We typically invite the founders or management teams of our portfolio companies to invest alongside us to align interests. Please visit www.rainierpartners.com for more information.
