Northwest Plan Services acquired CDM Retirement Consultants, creating a firm that provides defined contribution consulting and other retirement plan services to 800 plans with combined assets of $10 billion, said Tom O’Brien, vice president of sales and marketing for Northwest.
Mr. O’Brien said in an interview that the transaction closed last week. He declined to comment on a purchase price.
Mr. O’Brien said the acquisition gives Northwest — whose clients are located primarily in the Pacific Northwest — greater access to DC plans on the East Coast and to smaller plans. Northwest has about 250 clients with total assets of about $9 billion, while CDM has about 550 clients with total assets of about $1 billion, he said.
Northwest and CDM each have 30 employees, and Chip Earle and Virginia McGinnis, founders of CDM, will remain in executive positions at Northwest, Mr. O’Brien said.
Northwest provides retirement plan consulting, actuarial, communication and participant services, according to a Northwest news release. Clients include all types of DC plans as well as defined benefit plans and cash balances plans.