Private equity firms Genstar Capital and Aquiline Capital Partners announced they have entered into a definitive agreement to acquire Ascensus from J.C. Flowers, a private equity firm dedicated to investing globally in the financial services industry. The transaction is expected to close in the fourth quarter, following regulatory approvals and other customary closing conditions. Terms of the transaction were not disclosed.

Ascensus, the nation’s largest independent service provider of retirement and college savings plans, was founded more than 30 years ago and has since expanded into new markets within the financial services industry to offer a comprehensive suite of defined contribution and defined benefit retirement plan solutions, benefits education, 529 college savings plan recordkeeping, and IRA and health savings account administration.

This is the second acquisition on which Genstar and Aquiline have partnered, having developed a relationship based on a shared philosophy of supporting strong management teams to create value and drive next-level growth.

“Ascensus is a leading service provider to the large and growing markets for retirement and college savings accounts,” said Jeff Greenberg, chief executive of Aquiline. “It has a strong brand, experienced management team, and impressive track record of success through multiple business cycles. We look forward to working with Bob and his team, providing them with support and resources to continue to build the company and expand its reach in its core markets.”

Tony Salewski, managing director of Genstar, said, “We are very excited to partner with the leadership team of Ascensus, headed by Bob Guillocheau. Ascensus fits squarely within our approach of investing in leading businesses that provide critical tools and services to the investment management industry. This acquisition highlights our continued focus on the financial services vertical. Ascensus has built a strong platform, and we look forward to working with them to invest in organic and inorganic growth initiatives.”

“It has been our pleasure to work with Ascensus and its management team and we are proud of the progress we have made in growing the company and expanding their operational scope,” stated J. Christopher Flowers, managing director and chief executive officer of J.C. Flowers & Co. “We wish them, Genstar, and Aquiline all the best as they enter this next chapter in Ascensus’ history.”