Alpine Investors (“Alpine”), a people-driven private equity firm, announced the sale of its portfolio company, MidAmerica Administrative & Retirement Solutions to U.S. Retirement & Benefits Partners (“USRBP”). MidAmerica administers retirement and health & welfare plans for public sector employers. Terms of the sale were not disclosed.
“Our partnership with USRBP will allow MidAmerica to continue on its mission of allowing public sector employers to reduce costs, attract and retain great talent, and deliver financial peace of mind for their employees.”
MidAmerica was founded in 1995 with the goal of making health & retirement benefits funding simple and effective for public school employees, firefighters, law enforcement officers, and other public sector workers across the country.
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In 2015, Alpine acquired MidAmerica with the aim of developing and empowering its team and bringing awareness to its products. Through its CEO program, Alpine hired and installed MidAmerica’s CEO, Jim Tormey, who built out a strong management team focused on providing valuable benefits funding and administration solutions. Jim Tormey and the MidAmerica management team will continue with the Company in their current roles.
MidAmerica has since become a leading third-party administrator providing both retirement and health & welfare solutions for the public sector. Under Tormey’s leadership, client retention soared to over 99% each year and its employee Net Promotor Score increased over 70 points. The team drove substantial improvements in its service offering as demonstrated by a significant decrease in claims processing times, average call wait time, and call abandonment rates.
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“Jim’s people-driven mindset and customer-centric focus has created both a strong team culture and an ever-growing list of happy customers. We look forward to the next phase of growth for MidAmerica under the support and strategic guidance of USRBP,” said Matt Moore, partner at Alpine.
“Over the last few years, the team at MidAmerica has prioritized continuous improvement which has resulted in best-in-class service quality, renewed trust from our customers, and an uptick in organic growth,” said Jim Tormey. “Our partnership with USRBP will allow MidAmerica to continue on its mission of allowing public sector employers to reduce costs, attract and retain great talent, and deliver financial peace of mind for their employees.”
Raymond James served as the exclusive financial advisor to MidAmerica and Wilson Sonsini served as legal counsel.
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