Stone Point Capital and GIC agreed to acquire Ascensus from a consortium led by Genstar Capital, Aquiline Capital Partners and Atlas Merchant Capital, an Ascensus spokesman confirmed in an email.
Terms of the transaction were not disclosed. The transaction is expected to close in the third quarter, following regulatory approvals and other customary closing conditions.
Ascensus will continue to operate autonomously. There will be no changes to the firm's leadership, structure, or how it manages its business.
Once the deal closes, Genstar and Aquiline will continue to hold a minority stake in Ascensus.
"We have followed Ascensus' success for some time and see tremendous opportunities for further growth and positive impact on the industry," said Chuck Davis, CEO of Stone Point, in a news release announcing the deal. "We believe Ascensus is a true leader in providing technology, expertise and partnership to enable savings across the critical areas of retirement, education and health care."
Yong Cheen Choo, GIC's chief investment officer of private equity, added in the news release: "Ascensus is delivering industry-leading solutions to help people save for what matters most. As a long-term investor, we believe Ascensus' unique technology, market insights and business knowledge will continue to drive growth and innovation in this space."
Barclays and Goldman Sachs & Co. advised Ascensus on the deal, while J.P. Morgan Securities served as financial adviser to Stone Point. Willkie Farr & Gallagher was legal counsel to Ascensus. Simpson Thacher & Bartlett acted as transactional counsel to Stone Point. Kirkland & Ellis was financing counsel to Stone Point.
