Blue Ridge ESOP Associates (“Blue Ridge”), a portfolio company of Levine Leichtman Capital Partners (“LLCP”), announced today that it has acquired substantially all of the Tax Benefits Plan Services business (the “BPS business”) of Crowe LLP. The addition of the BPS business further strengthens Blue Ridge’s position as the leading independent ESOP and 401(k) third party administration and recordkeeping firm. 

The BPS business has built a track record of strong performance in employee stock ownership plan (ESOP) services and retirement plan services. Its nearly 30 employees currently serve over 400 clients and more than 500 plans that are expected to transition to Blue Ridge. The combination of the businesses brings together two of the highest-quality organizations in the industry with strong reputations for outstanding product offerings and client service. The combination of skills and expertise, and the bundling of services is expected to drive new opportunities for clients and long-term growth for the company. 

“We are excited to bring together Crowe’s BPS business and people with Blue Ridge,” said Bill Yoerger, Chief Executive Officer of Blue Ridge. “The two businesses are a great fit, as the technical expertise of the BPS business’ team and its personalized client-centric culture mirrors ours. We are grateful to our partners at LLCP for their valuable assistance in envisioning and executing this important transaction.”

Josh Kaufman, Senior Managing Director at LLCP, added, “This strategic acquisition reflects our increased support of Blue Ridge and cements the company’s leadership position in ESOP and 401(k) third party administration and recordkeeping. The addition of the valuable talent and expertise of the Crowe BPS business significantly enhances Blue Ridge’s service offering and positions the company for considerable future growth. We look forward to continuing our collaboration with Bill and the entire Blue Ridge management team.”

Blue Ridge is a portfolio company of LLCP Lower Middle Market Fund, L.P.­­­