Houlihan Lokey Advises WPAS

Houlihan Lokey is pleased to announce that Welfare & Pension Administration Service, Inc. (WPAS), a leading health and retirement third-party administrator (TPA) focused on the Taft-Hartley multi-employer market, has received a majority investment from Rainier Partners. The transaction closed on December 9, 2024.

Based in Mercer Island, Washington, WPAS has a 70+ year history of dedicated, high-quality service to multi-employer benefit plans and their members. Today, WPAS is one of the largest TPAs of its kind, servicing numerous Taft-Hartley trust plans. Rainier Partners’ investment will assist in WPAS’ continued growth, enabling WPAS to serve more multi-employer trusts nationwide.

Periscope Equity acquired WPAS in 2020 with a vision to accelerate its sales growth, tech-enable operational processes, invest in its service offering, and help the company expand its geographic footprint in the Taft-Hartley benefits administration industry. Over the life of the partnership, the company grew by more than 75 employees and established four new offices across the country. This period of transformative growth is the result of the management team’s deliberate execution of the company’s strategic plan, which included investments across people, commercial operations, and technology.

Houlihan Lokey served as the exclusive financial advisor to WPAS. This transaction highlights Houlihan Lokey’s continued momentum and leadership position in advising employer-sponsored healthcare and cost-containment businesses.

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