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Kelso Fund X Announces Investment in Newport Group

September 13, 2018

Kelso is pleased to announce that on September 13, 2018 we acquired Newport Group.  

Newport is one of the largest independent providers of retirement services in the U.S., with over one million employee participants and more than $160 billion in assets under administration. The company’s services include retirement plan recordkeeping and administration, insurance distribution, and consulting services related to retirement plans.

Kelso has led an active and focused sourcing effort in the retirement services industry for several years, including first meeting Newport CEO Greg Tschider in 2015. We subsequently maintained an active dialogue regarding our interest in acquiring Newport given our investment thesis on the retirement services industry and our perspective that Newport is well-positioned within its markets. Kelso was chosen as management’s partner to acquire Newport in a negotiated transaction. Kelso’s investment thesis on the retirement services industry, familiarity with Newport, value creation track record in financial services, and reputation as a partner of choice were differentiators in securing the transaction. Kelso leveraged several relationships in its KSN network as part of due diligence, which enabled us to develop an informed perspective and work efficiently to reach a definitive agreement with the sellers.