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JULY Makes Another M&A Move

Service Providers

As part of an ongoing effort to create strategic growth, July Business Services (JULY) has entered into an acquisition transaction with New Jersey-based Turning Point Associates, the firm announced.

The Turning Point acquisition is JULY’s second this year and the fourth over the past four years for the small and mid-size 401(k) plan service provider.

A family owned recordkeeper and administrator out of Swedesboro, New Jersey, Turning Point was founded in 2001 to provide a personal, service-oriented option to small businesses for their retirement plan needs. Ronald O’Connor is currently leading Turning Point.

Ahead of pursuing new endeavors, O’Connor will assist with integrating the Turning Point business with JULY, while Heather O’Connor will join the JULY team full time and will remain the relationship manager for plan sponsors and advisors, according to the announcement.  

“JULY’s technology is what drew us to discuss a partnership. Their team is service-oriented and has built software to easily manage complex processes,” says Ronald O’Connor. “The enhanced technology will be an added benefit to our client base, providing additional tools and functionality that we cannot offer today.”

“Turning Point represents our second acquisition of 2023, adding to our strategic growth initiative. We continue to partner with great companies and expand our team with talented industry experts that focus on delivering high quality service. Ronald and Heather have built strong client and advisor relationships, and we are thrilled Heather is joining JULY to remain as the primary point of contact for Turning Point clients going forward. We look forward to building on these relationships by bringing additional technology and services such as 3(16) fiduciary, payroll integration, and other enhancements,” adds JULY CEO John Humphrey.

The transaction brings JULY to almost 7,000 plans and $8.5 billion in plan assets.