Waco, TX – March 29, 2023 – July Business Services, LLC (“JULY”), a leading national provider of 401(k) plan services to small and mid-size employers, has entered into an acquisition transaction with Turning Point Associates (“Turning Point”). The Turning Point acquisition is JULY’s second this year and the fourth over the past four years.
Turning Point was founded in 2001 to provide a personal, service-oriented option to small businesses for their retirement plan needs. Ronald O’Connor is currently leading Turning Point, a family owned recordkeeper and administrator out of Swedesboro, New Jersey. Ahead of pursuing new endeavors, O’Connor will assist with integrating the Turning Point business with JULY. Turning Point’s Heather O’Connor will join the JULY team full time and will remain the relationship manager for plan sponsors and advisors.
“JULY’s technology is what drew us to discuss a partnership. Their team is service-oriented and has built software to easily manage complex processes,” says Ronald O’Connor of TPA. “The enhanced technology will be an added benefit to our client base, providing additional tools and functionality that we cannot offer today.”
This transaction brings JULY to almost 7,000 plans and $8.5B in plan assets.
“Turning Point represents our second acquisition of 2023, adding to our strategic growth initiative. We continue to partner with great companies and expand our team with talented industry experts that focus on delivering high quality service. Ronald and Heather have built strong client and advisor relationships, and we are thrilled Heather is joining JULY to remain as the primary point of contact for Turning Point clients going forward. We look forward to building on these relationships by bringing additional technology and services such as 3(16) fiduciary, payroll integration, and other enhancements.” shares John Humphrey, CEO of JULY.
JULY offers a modern suite of retirement plan solutions aimed at putting workplace plans within the reach of millions of small businesses. JULY’s proprietary technology solutions streamline, automate, and simplify all facets of retirement plan setup and operation while its high-touch service model elevates the experience of employers, their employees, and their financial advisors. Today, JULY serves approximately 7,000 401(k), cash balance, defined benefit, and other retirement plans across the country and provides expert white label and back-office support for other organizations. Please visit us at www.julyservices.com to learn more.
About Platform Partners LLC
Founded in 2006, Platform Partners LLC is a private investment company based in Houston that makes investments in lower middle-market companies with the intent of growing these businesses into industry leaders through a combination of organic and acquisition growth. Platform invests through a perpetual holding company structure allowing for a long-term, patient approach to partnering with entrepreneurs to build companies. The company manages total assets of approximately $950 million. For more information, please visit platformllc.com.