Mill Point Capital Completes Sale of Prime Pensions
Florham Park, NJ – February 26, 2024 – Mill Point Capital LLC (“Mill Point Capital”), a private equity firm focused on control investments in middle-market companies in North America across the Business Services, Industrials and IT Services sectors, announced today a sale of Prime Pensions, LLC (“Prime Pensions” or the “Company”), a leading independent third-party administrator (“TPA”) and provider of retirement plan compliance and administration services.
Headquartered in Florham Park, NJ, Prime Pensions provides third-party retirement plan compliance and administrative services to small and medium-sized businesses. The Company’s key services include plan design and implementation, annual administration, consulting and other actuarial services to ensure its clients are compliant with regulatory organizations in the United States.
During its three-year ownership, the Mill Point Deal Team and Executive Partner worked closely with management to transform the business from a regional TPA to a national provider. Through the addition of key senior functional management talent, implementing new technology systems and investing in the sales organization, Prime Pensions was able to substantially grow the number of plans under administration by more than 330%.
“We are incredibly proud of our successful partnership with Scott Feit, Founder and CEO of Prime Pensions, as well as the entire Prime Pensions team over the past few years. We worked tirelessly to scale the Company, employing both organic and inorganic growth strategies, to establish a platform that not only provides outstanding TPA services, but is also positioned for sustained growth,” remarked Dustin Smith, Managing Partner at Mill Point Capital.
Scott Feit added, “I am excited for the next chapter of Prime Pensions’ growth story. We accomplished all the Value Creation Initiatives we set forth in 2021 at the onset of Mill Point Capital’s initial investment and have grown the Company to become a true nationally scaled TPA.”
“Scott and the Prime Pensions team have been tremendous partners over the years. Their dedication to Prime Pensions is evident and we are thrilled to watch the Company’s continued future success,” commented Jenni Main, Executive Partner of Mill Point Capital.
Raymond James acted as the exclusive financial advisor to Mill Point Capital and Prime Pensions.
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 www.primepensionsinc.com.
About Mill Point Capital LLC
Mill Point Capital LLC is a private equity firm focused on control investments in lower-middle market companies in North America across the industrials, business services and IT services sectors. Mill Point’s experienced team of investors and Executive Partners seek portfolio company value enhancement through rigorous implementation of transformative strategic initiatives and operational improvements. Mill Point is based in New York, NY. For more information, please visit www.millpoint.com.