Prime Pensions Announces Strategic Investment from Lightyear Capital for Next Phase of Growth
Prime Pensions, LLC ("Prime Pensions" or the "Company"), one of the fastest-growing independent providers of retirement plan compliance and administration services, announced today that Lightyear Capital LLC ("Lightyear") has made a strategic investment in the Company. Lightyear Capital is a New York-based private equity firm that partners with growing companies at the nexus of financial services and technology, healthcare, and business services.
Prime Pensions is a premier national provider of third-party administration for retirement plans. The Company provides full coverage of defined contribution and defined benefit solutions, including design, implementation, and administration. Since its founding in 2012, Prime Pensions has experienced strong growth through a combination of organic initiatives and acquisitions. The Company services over 11,000 clients and employs a team of over 225 dedicated employees across 7 locations.
"We are excited to welcome Prime Pensions to our portfolio," said Mark Vassallo, Managing Partner at Lightyear. "Our investment in Prime Pensions reflects the intersection of two long-term Lightyear investment themes: the growing need for independent retirement advice and increasing reliance on compliance solutions. We look forward to partnering with Scott and the team at Prime Pensions to continue to scale the business."
"Our partnership with Lightyear allows us to continue to provide unparalleled service and solutions to our clients, as well as accelerate our journey to becoming the premier third-party retirement administrator nationwide," said Scott Feit, Chief Executive Officer of Prime Pensions. "Lightyear brings deep domain expertise and robust operating resources that will help accelerate our growth and expand our capabilities."
Max Rakhlin, Managing Director at Lightyear said, "The massive and growing retirement sector encompasses over 800,000 plans and is supported by regulatory and demographic tailwinds. We look forward to partnering with Prime Pensions in continuing the Company's strong growth amid the significant opportunity in the retirement market." Michael Langer, Managing Director at Lightyear added, "We believe Prime Pensions is well-positioned to achieve outsized growth through their differentiated approach to client service and as an acquiror of choice in the market. We are grateful to be able to partner with Scott and the entire management team."
Davis Polk & Wardwell LLP served as legal counsel and William Blair & Company served as financial advisor to Lightyear.
About Prime Pensions
Headquartered in Florham Park, NJ, Prime Pensions is an independent provider of retirement plan compliance and administration services primarily to small and medium-sized businesses. Prime Pensions is not affiliated with any investment product provider and does not offer investment advice. For more information, please visit https://primepensionsinc.com/.
About Lightyear Capital
Lightyear Capital is a New York-based private equity firm that partners with growing companies at the nexus of financial services and technology, healthcare, and business services. For over 20 years, Lightyear has worked closely with management and leveraged its industry expertise, network of advisors, and operating resources to accelerate growth and build market leading businesses. For more information, please visit http://www.lycap.com.
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