The Vistria Group and Kohlberg & Company Announce Strategic Partnership with U.S. Retirement & Benefits Partners

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Jun 21, 2023, 06:00 ET

CHICAGO and MOUNT KISCO, N.Y., June 21, 2023 /PRNewswire/ -- The Vistria Group, LP ("The Vistria Group") and Kohlberg & Company, LLC ("Kohlberg") today announced a strategic partnership with U.S. Retirement & Benefits Partners ("USRBP" or "the Company"). Under the arrangement, Kohlberg will remain a minority investor and partner with The Vistria Group to further accelerate the growth of USRBP.

USRBP is one of the nation's largest independent financial services firms specializing in employee benefits and employer-sponsored retirement plans in K-12 public schools, governmental, corporate and non-profit markets. Covering all aspects of benefits and retirement products and services, including the brokerage of health benefits, USRBP was established with a mission to address the increasing needs of educators and professionals seeking to ensure long-term health and financial stability.

"Since 2018, it has been a pleasure to support the USRBP leadership team as they have significantly transformed the business through continued investments in technology innovation and strategic acquisitions," said Evan Wildstein, Partner at Kohlberg & Company. "USRBP has immense potential for growth and to positively impact the retirement and benefits management space, and this strategic partnership with The Vistria Group represents a significant milestone for the business. We look forward to working together to expand USRBP's capabilities and further strengthen the Company's position in the marketplace."

The Vistria Group, a leading middle-market private equity firm based in Chicago, focuses on investing in essential industries such as healthcare, education, financial services and real estate to achieve both financial returns and societal impact. The firm's investment in USRBP capitalizes on the momentum created from its prior deals within the financial services sector, including within benefits and wealth management. The deal reaffirms its commitment to financial wellness, and signifies a convergence of the firm's industry verticals, as demonstrated by the Company's brokering of healthcare and retirement benefits in the K-12 sector.

"Combining the knowledge and track record of Kohlberg with The Vistria Group's strong relationships in the K-12 segment, we can leverage these connections to maximize impact in better serving school districts and government entities," said Megan Schneider, Chief Executive Officer of USRBP. "Our partnership with The Vistria Group brings substantial value to USRBP's growth strategy across the public, non-profit and private sectors."

"This collaboration signifies not only our deep-rooted belief in the importance of financial wellness but also our commitment to revolutionizing retirement planning for educators and other school professionals," said Boris Rapoport, Partner and Co-Head of Financial Services at The Vistria Group.

With the tapering of defined benefit plans and pensions, Americans, in general, are increasingly unprepared for retirement. Retirement security is falling more on the shoulders of individuals who need guidance and reliable products, and that includes school districts. With nearly 5,400 public school districts in the U.S. and over 6,000 corporate employers, USRBP's administration of retirement plans and health benefits continues to align with growing market demand, playing a vital role in improving the financial well-being of educators, their families and their communities.

"This partnership will allow us to amplify our impact, reach more school districts and help hard-working teachers plan for retirement with a more seamless experience. Teachers contribute so much to our future. We need to make sure they are well-positioned as they close out their careers," said Michael Castleforte, Partner and Co-Head of Financial Services at The Vistria Group.

"With the experience and resources of The Vistria Group and Kohlberg, we look forward to continuing our M&A momentum across all service lines," said Mark Skinner, Executive Chairman of USRBP. "Our focus has been and will remain client-focused, ensuring we continue to make health benefits and retirement planning easier for teachers and their families."

About The Vistria Group
The Vistria Group is building a new kind of private investment firm that seeks to deliver both financial returns and societal impact. It invests in essential industries like healthcare, knowledge and learning, financial services and real estate that deliver value for investors as well as communities, employees, and consumers. With over $10 billion in AUM, The Vistria Group works as a true partner with its portfolio companies, drawing on its deep sector knowledge, operational expertise, unique network, diverse team, and impact orientation to achieve transformational growth. For more information, please visit www.vistria.com.

About Kohlberg & Company
Kohlberg is a leading U.S. middle market private equity firm based in Mount Kisco, New York. Over the firm's 36-year history, the firm has organized 11 private equity vehicles totaling in aggregate over $14 billion. Since inception, the firm's private equity investments have generated over $10 billion in realized returns with no realized losses since 2007. The firm invests in leading middle market businesses that are identified through its rigorous White Paper Program in its six core practice areas. For more information, please visit www.kohlberg.com.

About U.S. Retirement & Benefits Partners
U.S. Retirement & Benefits Partners, with headquarters in Iselin, NJ, is one of the nation's largest independent, national financial services firms specializing in employee benefit and employer-sponsored retirement plans in the K-12 public school, governmental, corporate, and non-profit markets. Through partnering with 54 regional firms throughout the U.S., USRBP serves over 15,000 employer groups with 3.5 million participants. For more information, visit www.usrbpartners.com.

SOURCE The Vistria Group