Private equity continues to come a-callin’ in the retirement plan space.
Major 401k custodian and service provider Millennium Trust Company announced that Boston-based private equity shop Abry Partners has taken a significant stake in Millennium pending regulatory approval.
Founded in 2000 and headquartered in Oak Brook, IL, Millennium Trust has approximately $26 billion in assets under custody and currently serves 1,100,000 individual accounts.
Over the past several years, the company has invested significantly in technology and services in its core retirement and custody segments, including recently launched Workplace Savings and direct IRA rollover solutions.
In addition, Millennium Trust has recently completed several acquisitions that it claims have accelerated its growth trajectory.
“Our team has built Millennium Trust into the industry leader, providing best-in-class technology and service to our clients across our businesses,” Gary Anetsberger, Millennium’s CEO, said in a statement. “We are thrilled to partner with Abry. Their investment will allow us to further strengthen our existing position in the market, while investing in additional products and technologies that will better serve our clients. Parthenon has been a fantastic partner, and we look forward to their continued involvement.”
“We look forward to partnering with Gary and the entire management team to support the Company’s next phase of growth,” added Azra Kanji, partner at Abry. “Millennium Trust’s expertise and continuous innovation have created a leader in custody solutions, and we believe the Company will continue to grow and evolve in the markets it serves.”
Parthenon Capital Partners, a private equity firm based in San Francisco, Boston, and Austin, will retain a minority stake in Millennium Trust and remain actively involved on the company’s board of directors.
Raymond James & Associates and William Blair & Company served as financial advisers to Millennium Trust and Parthenon. Kirkland & Ellis, LLP acted as legal advisor for Abry, Millennium Trust, and Parthenon in connection with the transaction.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
