Stone Point and Genstar to take co-controlling stakes in fintech firm Ascensus
Stone Point Capital and Genstar Capital have agreed to acquire co-controlling stakes in Ascensus, a Dresher, Pennsylvania-based provider of tax-advantaged savings solutions and technology. GIC, which originally invested in Ascensus in 2019, will remain invested alongside Stone Point and Genstar as part of the transaction. Stone Point initially invested in Ascensus in 2021, and Genstar was a lead investor from 2015 to 2021.
The private equity firms Stone Point Capital and Genstar Capital have reached an agreement to acquire co-controlling stakes in Ascensus, a provider of tax-advantaged savings solutions and technology. The financial terms of this transaction were not disclosed. Both Stone Point Capital and Genstar Capital are contributing new capital to the investment and will each hold equal stakes in the company. GIC, which originally invested in Ascensus in 2019, will remain invested alongside Stone Point Capital and Genstar Capital as part of the transaction. Ascensus will continue to operate with its current leadership team, client relationships, and service model. Stone Point Capital initially invested in Ascensus in 2021. Genstar Capital returns as an owner, having previously been a lead investor in Ascensus from 2015 to 2021.