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Periscope Equity Invests in WPAS

·4 min read

WPAS Announced Today Its Strategic Investment by Periscope Equity to Accelerate Growth Through New Service Capabilities and Innovation

CHICAGO, Jan. 14, 2021 /PRNewswire/ -- Periscope Equity ("Periscope") today announced its investment in Welfare & Pension Administration Service, Inc. ("WPAS"), a leading independent third-party administrator to Taft-Hartley and government trust funds. WPAS represents the fifth platform investment of Periscope Equity I, L.P.

WPAS has been providing high-quality administrative services to the Taft-Hartley industry since 1953. Headquartered in Seattle, Washington, with five offices across four states in the Pacific Northwest and Alaska, WPAS manages benefit plans as a third-party administrator (TPA) serving over 150,000 union members and their dependents on behalf of top Taft-Hartley trust funds, associations, and government entities in the region.

Periscope is a Chicago-based private equity firm, which makes investments in founder-owned technology-enabled service and software companies, and WPAS will represent its third current portfolio company within healthcare technology. In partnership with leadership teams, Periscope seeks to help tech-enabled service and software businesses expand their service offerings, develop new technologies, and pursue strategic acquisitions.

Periscope invested alongside Dennis Kirkpatrick, CEO of WPAS, who, after 27 years at the Company, will retire and transition into an advisory role. In his place, to carryforward WPAS's strong reputation for excellent customer service in the Taft-Hartley market, Adam Keck, Vice President, who also invested in partnership with Periscope, has been appointed CEO effective immediately. Together with Kirkpatrick and Keck, additional management team members, who have proven themselves invaluable to WPAS over decades of experience, invested in the transaction. In addition, Periscope Operating Partner Joel Portice, who was instrumental in developing the value creation plan alongside management, has been appointed to the Board of Directors.

"Throughout the diligence process, it was clear to the entire management team that Periscope would be the best fit for our employees, clients, and members given their experience within the Taft-Hartley end market and with companies providing innovative managed healthcare services," said Kirkpatrick. "I am looking forward to witnessing the exciting new offerings that WPAS will develop in the next few years, and the growth we will achieve together."

"We are thrilled about partnering with Periscope to help lead WPAS through its next phase of growth," said Keck. "Since our founding in 1953, we have prided ourselves on delivering exceptional administrative services to trust funds and their plan participants. Continuing with that philosophy and legacy will remain a guiding principle among our current and future clients."

"WPAS has an outstanding reputation in the Taft-Hartley market as one of the leading TPAs that is well-positioned to experience significant growth," according to John Findlay, Partner at Periscope Equity. "Their trusted advice, administrative services, and proprietary technology has brought them a lot of success. I am incredibly excited to be partnering with this team and look forward to the next chapter."

About Welfare & Pension Administration Service, Inc.

Welfare & Pension Administration Service, Inc. ("WPAS") has been providing high-quality administrative services to the Taft-Hartley industry since 1953. Headquartered in Seattle, Washington, with offices across three states in the Pacific Northwest and Alaska, WPAS manages benefit plans as a third-party administrator (TPA) serving over 150,000 union members and their dependents on behalf of top Taft-Hartley trust funds, associations, and government entities in the region. Today, they currently administer over 80 Taft-Hartley and Public Trust Funds and cover benefits for Health and Welfare, Disability and Time Loss, Dental, Vision, Defined Contribution, Defined Benefit, Vacation, Apprenticeship, and Legal Services. For more information, visit www.wpas-inc.com.

About Periscope Equity

Periscope Equity is a Chicago-based private equity firm focused on investments in technology-enabled service and software companies across Digital Marketing, Healthcare Technology, Security Solutions, and Business Process Automation. Periscope specifically targets companies that are founder-owned, with mission-critical products and service offerings, a history of sustainable profitability and known avenues to accelerate growth.

In alignment with proven management teams, Periscope provides strategic, operational and commercial expertise to drive superior investment returns. For more information, visit www.periscopeequity.com.

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SOURCE Periscope Equity