Millennium Trust Company® Announces Acquisition of InspiraFS, Inc.
Acquisition expands Millennium's position as industry leader of specialized custody solutions to the retirement industry
Acquisition expands Millennium's position as industry leader of specialized custody solutions to the retirement industry
OAK BROOK, Ill., Dec. 5, 2017 /PRNewswire/ -- Millennium Trust Company, LLC ("Millennium"), a provider of specialized custody and retirement services to advisors, financial institutions, businesses and individuals, has announced the acquisition of InspiraFS, Inc. ("Inspira") from Ad-Base Group, Inc. ("ABG Capital"). Inspira will be a subsidiary of Millennium and continue to market its services under the Inspira brand name.
Inspira's innovative technology platform offers both branded and private-label IRA recordkeeping solutions to retirement plan sponsors, financial institutions, corporations, third-party administrators (TPAs), and individual investors, representing approximately 6,800 retirement plans and 133,000 individual IRA accounts. Based in Pittsburgh, PA, Inspira is a two-time member of the Inc. 5000 list of America's fastest growing private companies.
"Inspira aligns perfectly with our strategy and culture, and complements our existing businesses exceptionally well," said Gary Anetsberger, CEO of Millennium Trust Company. Anetsberger continued, "This partnership represents an exciting opportunity to unite two industry leaders to collectively enhance our capabilities and our expertise, and to create sophisticated solutions that best serve our clients and further accelerates our growth."
Ron Eggert, President of Inspira, added, "I am delighted to announce this partnership, particularly for our clients and our employees who will all enjoy being part of the Millennium family. I am confident Millennium will be the ideal partner to extend and expand Inspira's successes, and as part of a larger organization Inspira will have even more resources and solutions to support its clients."
Managing Director of Millennium's Retirement Services Group, Terry Dunne, commented, "We have admired Inspira's business and team as a competitor for many years. Bringing our two organizations together is going to be a significant win for all of our clients, who will experience the same great service, expertise and technology solutions they have come to expect."
Jeff Tapolci, CEO of ABG Capital, continued, "Millennium is a premier name in the industry and is the perfect home for Inspira. Without question, the combination with Millennium will create great opportunities for both Inspira's clients and its employees."
This acquisition is an example of Millennium's ongoing commitment to addressing emerging client needs, delivering innovative solutions, and strengthening its footprint in the market. Millennium is actively pursuing acquisition opportunities and expects to complete additional transactions during the upcoming year.
Alantra LLC served as exclusive financial advisor to Inspira and K&L Gates LLP acted as legal counsel to Inspira. Paul Hastings LLP acted as legal counsel to Millennium.
About Millennium Trust Company®
Millennium Trust Company is a trusted leader in specialized custody, empowering clients with unmatched service, access to a wide range of custody solutions and expertise they can count on. Whether it's the custody of alternative assets, investment accounts or retirement funds, Millennium Trust is uniquely qualified to support our clients' success.
Millennium Trust Company performs the duties of a directed custodian, and as such does not provide due diligence to third parties on prospective investments, platforms, sponsors or service providers and does not sell investments or provide investment, legal, or tax advice. For more information about Millennium Trust Company, visit mtrustcompany.com, or follow on Twitter and LinkedIn.
About ABG Capital
Based in Pittsburgh, ABG Capital is a holding company that provides business functions to its various portfolio companies, including VoIP Innovations, GlobalPOPs, End User Services, Tapolci Foundation, and previously InspiraFS. ABG Capital has been in business since 1992 and is annually honored as one of the 100 Best Places to Work in Pennsylvania. For more information about ABG Capital visit http://abgcapital.com/.
Media Contact:
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SOURCE Millennium Trust Company
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