Platform Partners, a Houston-based private equity firm, teamed up with another Houston firm, Galtney Partners LP, to acquire Beneplace, a private exchange company with headquarters in Austin, Texas.
(Related: New deals: Gallagher, Marsh, USI and NFP)
Beneplace sets up voluntary benefits enrollment websites for public and private employers around the world. About 9 million people have access to Beneplace websites, the company says.
Beneplace was founded in 1995. Rusty Stein, the president, came aboard in 2012.
Stein will continue to manage the business, according to Fred Brazelton, Platform Partners’ president.
The other buyer, Richmond, Virginia-based Hilb Group, acquired the group benefits division of Charles Allen & Associates of Charlotte, North Carolina.
Charles Allen, the owner of CA&A, has been affiliated with AXA Advisors for about 35 years. He will continue to offer individual life and financial services products through AXA, according to Hilb.
The other CA&A group benefits employees will go to work for Hilb using the existing CA&A name, Hilb says.
Hilb, a unit of ABRY Partners, a Boston-based private equity firm, serves midsize employers. The company says it hopes to acquire more brokers that serve midsize employers.
— Read 3 Benefits News Bites: USI, NFP and Advice2Pay on ThinkAdvisor.