SAN FRANCISCO & TAMPA, Florida – (BUSINESS WIRE) – January 3, 2022–
MidAmerica was founded in 1995 with the goal of making the funding of health and retirement benefits simple and effective for public school employees, firefighters, law enforcement and other public sector workers at across the country.
In 2015, Alpine acquired MidAmerica with the aim of developing and empowering its team and promoting its products. Through its CEO program, Alpine hired and installed MidAmerica CEO Jim Tormey, who has built a strong leadership team focused on providing finance and benefits administration solutions. Jim Tormey and the MidAmerica leadership team will continue with the company in their current roles.
MidAmerica has since grown into a leading third-party administrator providing both retirement and health and wellness solutions for the public sector. Under Tormey’s leadership, customer retention has soared to over 99% every year and the promoter’s net score of its employees has increased by over 70 points. The team has made substantial improvements to its service offering, as evidenced by a significant decrease in complaint processing times, average call wait times and call abandonment rates.
“Jim’s people-focused mindset and customer focus have created both a strong team culture and an ever-growing list of satisfied customers. We look forward to the next phase of MidAmerica’s growth under the support and strategic direction of the USRBP, ”said Matt Moore, Partner at Alpine.
“Over the past few years, the MidAmerica team has made continuous improvement a priority, which has resulted in first-rate service, renewed customer confidence and increased organic growth. Jim Tormey said. “Our partnership with the USRBP will allow MidAmerica to continue its mission of enabling public sector employers to reduce costs, attract and retain top talent, and provide financial peace of mind to their employees. “
Raymond James was the exclusive financial advisor to MidAmerica and Wilson Sonsini was the legal advisor.
Alpine Investors is a people-focused private equity firm committed to building sustainable businesses by working with, learning and developing great people. Alpine specializes in investing in mid-sized companies in the software and service industries. Its PeopleFirst strategy includes a CEO-in-Residence program that enables Alpine to provide proven leadership in situations where additional or new management is required post-transaction. Alpine is currently investing in its seventh billion dollar fund. For more information visit http://www.alpineinvestors.com.
About MidAmerica Administration and Retirement Solutions
Founded in Lakeland, Florida in 1995, MidAmerica was built with a customer-centric culture, laying the foundation for an organization that is focused on supporting the people who do so much to serve our communities. Currently, MidAmerica serves over half a million participants in 33 states. For more information visit www.mymidamerica.com.
About Pension and Benefits Partners in the United States
US Retirement & Benefits Partners, headquartered in Iselin, NJ, is one of the nation’s largest independent financial services companies specializing in employee benefits and employer-sponsored retirement plans in K-12 public schools , government, corporate and non-profit markets. The USRBP serves more than 2.5 million participants across 45 regional partner companies. For more information visit www.usrbpartners.com.
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA FLORIDA NEW JERSEY
INDUSTRY KEYWORD: PROFESSIONAL SERVICES INSURANCE FINANCE
Copyright Business Wire 2022.
PUB: 03/01/2022 4:28 PM / DISC: 03/01/2022 4:28 PM
Copyright Business Wire 2022.