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New Parents for Ascensus

Just four months after being put up for sale, Ascensus has been bought.

Genstar Capital, a San Francisco-based middle-market private equity firm, and Aquiline Capital Partners, a New York-based private equity firm investing in financial services, have entered into a definitive agreement to acquire Ascensus, Inc. from J.C. Flowers & Co. The transaction, the terms of which were not disclosed, is expected to close in the fourth quarter, following regulatory approvals and other customary closing conditions.

According to a press release, Ascensus today supports more than 1.7 million retirement plan participants and administers more than 3.3 million 529 college savings accounts, along with more than 1.5 million IRAs and HSAs.

J.C. Flowers started shopping the firm in May. Ascensus was once a part of Bisys Group Inc., which was purchased by Citigroup in 2007 for $1.44 billion. Citigroup then sold the retirement and insurance services unit to affiliates of J.C. Flowers for $800 million.

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