“When it came time to consider a recapitalization of WPAS we thought we would benefit from professional help. We reached out to our Vistage network to solicit references of firms that could provide such assistance, ultimately selecting Zachary Scott ("ZS") based on its reputation for trustworthiness and hard work. We were not disappointed.

ZS provided a full service offering, beginning with thorough advance preparation, a process that paid huge dividends later in the process. ZS prepared an insightful marketing piece on WPAS and worked with us to populate a comprehensive data site which several parties commented was the best they had ever seen. ZS brought us a variety of alternatives, which strengthened our negotiating position and allowed us to craft a structured deal that satisfied our numerous transaction objectives. The result exceeded our expectations. We highly recommend Zachary Scott. They lived up to their reputation and more. ”
Dennis Kirkpatrick, President & CEO, Welfare & Pension Administration Service, Inc.
Service BusinessM&A: Sell-Side
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Situation

Welfare & Pension Administration Service, Inc. (“WPAS”) is a leading independent third-party administrator to Taft-Hartley and government trust funds. WPAS has been providing high quality benefits administration services to the Taft-Hartley industry since 1953. Headquartered in Mercer Island, WA, with five offices across four states in the Pacific Northwest and Alaska, WPAS manages benefit plans for over 150,000 union members and their dependents on behalf of top Taft-Hartley trust funds, associations, and government entities in the region.

After decades of ownership among its senior executives, WPAS elected to seek a strategic investor to fund additional investment into its technology platform so as to broaden its service capabilities and extend its geographic reach.  At the same time, leadership was transitioned and additional key employees were provided ownership.

ZS Role

Zachary Scott was retained on an exclusive basis to represent the shareholders in their search for a partner that would further advance the growth and success of the business, its employees, and its customers.

Results

Zachary Scott organized a competitive process that attracted a range of investment proposals from industry participants and qualified financial investors. Ultimately a strategic investment was made by Periscope Equity, a private equity firm based in Chicago, Illinois, focused on investments in founder-owned technology-enabled service and software companies. Periscope Equity’s investment and partnership will assist WPAS to enhance its technology platform in support of expanded capabilities to serve both existing and new customers.