Focused on the crossroads of insurance,
healthcare services, investment services,
and the technologies that serve those sectors.
received a majority investment from
Financial Advisor to Lee Equity Partners March 2024
Lee Equity Partners Completes Majority Investment in PCS Retirement
Industry: Healthcare Services
Type: Buy-Side M&A

Philadelphia, PA (March 4, 2024) – PCS Retirement ("PCS" or "the Company"), a leading retirement plan recordkeeper focused on the ERISA and Non-ERISA markets, announced it received a majority investment from funds managed by Lee Equity Partners, LLC ("Lee Equity"), a growth oriented middle market private equity firm. Terms of the transaction were not disclosed.

Founded in 2001, PCS Retirement delivers high-quality retirement plans to business owners, school districts, municipalities, not-for-profits, and individuals. The Company's mission is to help close America's retirement gap by equipping financial advisors with the most powerful, trusted, and easy-to-use retirement solutions available anywhere. Founder and CEO Mark Klien will be stepping away from day-to-day operations; Scott David, a veteran of the retirement services industry, will take his place.  

"We established PCS Retirement with the goal of building a next generation recordkeeper with no hidden agenda. Our vision for complete transparency has allowed us to be a leader in the retirement plan industry with significant momentum and opportunities ahead," said Mark Klein, Founder of PCS Retirement. "We are very appreciative of LLR's partnership and are excited to welcome Lee Equity as our financial sponsor and Scott David as CEO. Lee Equity deeply understands the value of our employee-centric business and appreciates our tremendous growth potential, and I'm confident that the addition of Scott will lead us well as we evolve into our next chapter."

PCS believes Lee Equity's partnership will help accelerate new business sales and expand existing relationships, optimize the service and digital experience for customers, and support the Company's M&A efforts.

"PCS Retirement is a leading retirement platform with a unique go-to-market strategy and track record of innovation," said Danny Rodriguez, Partner at Lee Equity. "There's great potential for the Company still ahead, and we are excited to partner with Scott and the Company's leadership to capitalize on the many opportunities to grow the business."

Waller Helms Advisors acted as financial advisor to Lee Equity in connection with this transaction.