WestView Capital Partners Exits Investment in Northwest Plan Services

WestView Capital Partners, a Boston-based growth equity firm, announced today that it has completed the sale of NWPS Holdings, Inc., doing business as NWPS and Northwest Plan Services (“NWPS” or the “Company”) to Raymond James Financial, Inc. (NYSE: RJF). The transaction closed today after being previously announced on December 10, 2020. WestView led a recapitalization of NWPS in May 2016. NWPS is a leading independent provider of retirement plan administration, consulting, actuarial and administration services based in Seattle, WA.

With over $35 billion in plan assets and over 400,000 plan participants, NWPS has continued to expand its client base and service offerings, emerging as a premier provider of a wide range of third-party recordkeeping and retirement plan administration services. Since WestView’s investment in 2016, the Company made three significant acquisitions, augmenting its organic growth and positioning the Company to capitalize on growth opportunities that lie ahead, particularly in the multi-employer and pooled-employer plan markets. The Company will continue to be led by its current management team, including current CEO Tim Wulfekuhle, as part of the Raymond James Private Client Group.

“WestView has been a tremendously supportive partner to NWPS,” said Tim Wulfekuhle, CEO of NWPS. “They were instrumental in enabling the Company’s strong growth including the three acquisitions we made together. We are excited to partner with the Raymond James team and look forward to the opportunities that lie ahead for our combined company.”

“We are very proud of the NWPS team and the growth the Company has achieved, driven by its culture and unwavering attention to detail and client service,” said Jonathan Hunnicutt, General Partner at WestView. “The Company has performed very well including revenue more than doubling since our investment in 2016. We wish them continued success as they lead the company going forward.”

Jeff Clark, Principal at WestView added, “The NWPS team’s vision and industry expertise helped position the Company to drive an outstanding outcome for employees and shareholders. We look forward to seeing what the NWPS team can accomplish in their next chapter.”

About NWPS
NWPS is a leading independent provider of retirement plan recordkeeping, actuarial and administration services. Founded in 1994 and headquartered in Seattle, Washington, the Company provides a comprehensive suite of services for retirement plans with an unbundled, open architecture platform that enables employers to offer their employees access to thousands of investment options. In addition to recordkeeping, administration, compliance and participant services, the Company provides consulting and employee communication services to a client base ranging from small to medium sized companies having 50 to 500 employees to large, Fortune 500 clients with tens of thousands of employees. NWPS services 401(k), 403(b), 457, ESOP and other types of defined contribution plans as well as defined benefit pension plans including cash balance plans. For more information, please visit www.nwpsbenefits.com.

About WestView
WestView Capital Partners, a Boston-based private equity firm focused exclusively on middle market growth companies, manages approximately $1.7 billion in capital across four funds. WestView partners with existing management teams to sponsor minority and majority recapitalizations, growth and consolidation transactions in industries such as software and IT services, business services, healthcare technology and outsourcing, consumer, and growth industrial. For more information, please visit www.wvcapital.com.