Periscope Equity Announces the Sale of its Investment in WPAS
December 19, 2024Chicago, IL – Periscope Equity, 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
WPAS has been providing high quality administrative services to the Taft-Hartley industry since 1953. Headquartered in Seattle, WA, with offices across three states in the Pacific Northwest and Alaska, WPAS manages benefit plans as a third-party administrator (TPA) serving over 150,000 union members and their dependents on behalf of top Taft-Hartley trust funds, associations, and government entities in the region.
Today, WPAS currently administers over 80 Taft-Hartley and Public Trust Funds and cover benefits for Health and Welfare, Disability and Time Loss, Dental, Vision, Defined Contribution, Defined Benefit, Vacation, Apprenticeship, and Legal Services.
