CHARLOTTESVILLE, Va., March 26, 2020 /PRNewswire/ -- Marie Minton and Greg Washburn, the current owners of Blue Ridge ESOP Associates, announced that Levine Leichtman Capital Partners ("LLCP"), a Los Angeles-based private equity firm, has invested in Blue Ridge ESOP Associates ("Blue Ridge" or the "Company") in partnership with the existing owners and the management team. Terms of the transaction were not disclosed.
Blue Ridge is the leading provider of technology enhanced solutions and services for the administration and recordkeeping of Employee Stock Ownership Plans ("ESOPs") and associated 401(k) plans. Blue Ridge's comprehensive service offerings and highly experienced professional administrators address the complex and mission-critical needs of ESOP businesses, which has provided the Company with an unmatched reputation as the highest quality service provider in the market. The Company serves a large and diversified client base of over 700 ESOP & 401(k) Plan Sponsors with over 175,000 total plan participants. Founded in 1988, Blue Ridge is headquartered in Charlottesville, VA and has offices throughout the country.
Marie Minton and Greg Washburn stated "We are delighted that our dedicated management team and LLCP are taking ownership in Blue Ridge. We have all been working with LLCP over the last several months and they have provided thoughtful insight into our professional services in a highly collaborative way. We are excited to continue to lead the industry with best-in-class services and technology."
Tom Roback, CEO of Blue Ridge, added, "We are very excited about partnering with LLCP as Blue Ridge seeks to further strengthen its market position, product offering and fuel its next stage of growth. LLCP has a long history of being a value-added partner to its portfolio companies and we look forward to leveraging their strategic, financial and M&A expertise."
Josh Kaufman, Managing Director at LLCP, stated, "Blue Ridge's consistent growth and sterling reputation are a testament to its unique domain expertise in the ESOP and 401(k) industry and to its specialized, comprehensive product suite. We are excited to partner with the existing owners and management team and support them in accelerating growth and enhancing the product offering."
Gentry Locke served as legal advisor to Blue Ridge and the management team. Deutsche Bank served as financial advisor to Blue Ridge.
For more information, visit BlueRidgeESOP.com and LLCP.com.
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SOURCE Blue Ridge ESOP Associates