Private equity firm The Riverside Company has invested in BeneSys, which provides third-party administration (TPA) services for employee healthcare and pension benefit programs for Taft-Hartley multiemployer plans.
The Troy, Michigan-based company currently services more than 110 clients across the country.
Riverside said it saw strong potential in BeneSys, which has established a strong track record of growth over the past five years.
Riverside Partner Jack Nestor said, “By investing in areas such as technology, infrastructure and sales efforts while maintaining BeneSys’ strong culture of client service, we expect BeneSys to continue to build on its momentum in the market.”
Last month Riverside closed its latest Asia-Pacific vehicle on $230m, comfortably beating its initial $150m target.
Riverside held a $1.5bn final close for its latest flagship fund in January 2013, exceeding its initial target by 50 per cent.
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