A BenefitStreet news release said the deal was made with the firm ‘ s founder and original owner, Eugene Schloss; terms finalized on August 15 are not being released, the company said.
According to BenefitStreet, which recently sold two other TPA subsidiaries-WESPAC and Alliance Benefit Group (ABG) Mid-Atlantic-will now step up efforts to complete the sale of Qualified Benefits, Inc. (QBI), a Woodland Hills, California-based TPA that the company acquired in 2005 (See Alliance Benefit Group Division Latest BenefitStreet Selloff ).
President and CEO, Jerry Bramlett, stated that he is in late-stage discussions with an interested party and expects to complete a transaction by the end of August
“ We ‘ re working very hard on streamlining the organization, and the Schloss & Co. sale enables us to narrow our strategic focus and concentrate more fully on DC recordkeeping initiatives,” said Bramlett.
« Economy, Cost Perceptions Keep Small Biz From 401(k)