JULY Business Services, an independently owned, national retirement plan recordkeeping and administration firm, announced July 31 that has entered into an M&A transaction with Summit Benefit Solutions, Inc.
Summit, founded in 1999 and headquartered in Mansfield, OH, provides recordkeeping, administration, and payroll services to small and mid-sized companies across the Midwest. “Joining JULY is a great opportunity to build on the services we currently offer our clients,” said Summit President Sheri Baker, who will take an ownership stake in JULY and serve as CFO. “As our two firms integrate over the next year, it will allow us to improve the technology and online capabilities for our employers, advisors, and participants.”
With the transaction, JULY will have more than 4,000 clients, $3.8 billion in plan assets and 100,000 plan participants. The transaction “helps both of our firms fulfill key initiatives and goals,” said JULY CEO John Humphrey. “Summit’s clients will benefit from JULY’s strong technology capabilities, and the transaction allows JULY to take another step in achieving our strategic growth plan.”