Rainier Partners Acquires WPAS to Expand Multi-Employer Benefits Administration

Rainier Partners, a Seattle-based private equity firm, has announced its investment in Welfare & Pension Administration Service (WPAS), a leading third-party administration firm specializing in multi-employer benefit plans. WPAS, based in Mercer Island, Washington, has a 70-year legacy of providing high-quality service and currently manages benefits for over 450,000 members across the United States. The partnership aims to fuel WPAS’s nationwide growth and strengthen its capabilities in navigating the increasingly complex benefits administration landscape.

WPAS CEO Adam Keck emphasized the significance of this milestone, noting the firm’s long-standing dedication to Taft-Hartley multi-employer trusts. He expressed confidence that the collaboration with Rainier Partners would enable WPAS to continue its mission of delivering comprehensive benefit administration services to members and their families. Rainier’s Co-Founder, Jon Altman, praised WPAS as a leader in the field and highlighted his firm’s commitment to providing financial and strategic support to drive the company’s expansion.

Rainier Partners specializes in investing in lower middle-market services businesses, with over $375 million in assets under management. The firm’s focus includes industries such as financial, consumer, industrial, and business services, where it leverages its expertise and resources to support growth. WPAS joins Rainier’s portfolio, marking a strategic partnership aimed at meeting the evolving needs of multi-employer trusts and their beneficiaries nationwide.