Periscope Equity Announces the Sale of its Investment in WPAS

CHICAGO, Dec. 19, 2024 /PRNewswire/ -- Periscope Equity ("Periscope"), a Chicago-based private equity firm, announced today the sale of its investment in Welfare & Pension Administration Service, Inc. ("WPAS" or the "Company"), a leading Taft-Hartley-focused third-party administrator (TPA) that provides comprehensive health, welfare, and pension benefits administration services to union members and their families, to Rainier Partners.

"We are immensely proud of the WPAS management team for their dedicated efforts in realizing the vision of our partnership, which was to become a top Taft-Hartley third-party administrator," said John Findlay, Partner at Periscope Equity. "This continues Periscope's track record of partnering and collaborating with founders and leaders, such as Adam Keck, to scale and differentiate tech-enabled business services companies."

Periscope Equity acquired WPAS in 2020 with a vision to accelerate its sales growth, tech-enable operational processes, invest in its service offering, and help the company expand its geographic footprint in the Taft-Hartley benefits administration industry. Over the life of the partnership, the Company grew by more than 75 employees and established four new offices across the country. This period of transformative growth is the result of the management team's deliberate execution of the Company's strategic plan, which included investments across people, commercial operations, and technology.

"Periscope brought a fresh perspective, strategic operational resources, and a bold vision to enable our team to problem solve and invest in our service offerings, team, and technology," said Adam Keck, CEO of WPAS. "Together, we achieved great results and remained true to our values of Purpose, Accountability and Service."

"We congratulate the entire WPAS management team for achieving impressive milestones over the past four years, such as launching the Managed Care program in 2021, completing the acquisition of Benefit Program Administrators in 2022, and opening new offices across the country," added Joe McIlhattan, Principal at Periscope Equity. "Congratulations to the entire WPAS team on this new partnership with Rainier Partners."

Waller Helms Advisors served as the financial advisor to WPAS, and Kirkland & Ellis LLP served as legal counsel.

About WPAS
Welfare & Pension Administration Service, Inc. 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.

About Periscope Equity
Periscope Equity is a Chicago-based private equity firm that partners with founder-owned, technology-enabled business services companies. Since its founding in 2012, Periscope has a track record of investing in businesses with mission-critical service offerings, a history of sustainable profitability, and known avenues to accelerate growth. In alignment with management teams, Periscope seeks to provide operational and commercial support to drive investment returns. Learn more at www.periscopeequity.com.

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SOURCE Periscope Equity