Technology services company EdgeCo Holdings agreed to acquire retirement plan provider Unified Trust Co., according to a news release Friday.
Lexington, Ky.-based Unified Trust will become part of EdgeCo subsidiary American Trust Co., a provider of retirement services to small- and midsize plan sponsors.
Terms of the deal were not disclosed. It is expected to close by the end of September, pending regulatory approval.
EdgeCo's acquisition follows two other acquisitions of retirement plan businesses and represents the company's commitment to serving the small and midsize retirement plan market, it said. In 2019, EdgeCo purchased American Trust Retirement from American Trust & Savings Bank, and in 2018, it bought First Mercantile Trust from Massachusetts Mutual Life Insurance Co.
The combined entity will operate under the brand American Trust. Unified Trust's founder, Gregory Kasten, will serve in an executive role and on the board of directors of American Trust after the acquisition.
"Our two companies are incredibly well aligned and as a combined force we will be in a position to make a major statement in the financial services industry for years to come," Dr. Kasten said in the news release.
Existing staff is expected to be retained and hiring is anticipated as the "combined company expands its national reach and service offering," the release said.
