Debevoise & Plimpton LLP is advising J.C. Flowers & Co., a leading private investment firm dedicated to investing globally in the financial services industry, and Ascensus, Inc., the largest independent retirement and college savings services provider in the United States, in the sale of Ascensus to Genstar Capital, a San Francisco-based middle-market private equity firm, and Aquiline Capital Partners, a New York-based private equity firm investing in financial services.

Ascensus was founded more than 30 years ago and has since expanded into new markets within the financial services industry to offer a comprehensive suite of defined contribution and defined benefit retirement plan solutions, benefits education, 529 college savings plan recordkeeping, and IRA and health savings account administration.

J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $14 billion of capital in 41 portfolio companies in 15 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. With approximately $8 billion of assets under management, J.C. Flowers has offices in New York and London.

The Debevoise team is led by partner Gregory V. Gooding and counsel Michael D. Devins and includes partners Gary M. Friedman and Jonathan F. Lewis, counsel Lee A. Schneider and Kyra K. Bromley, and associates David P. Iozzi, Douglas M. Hirn and Ben Lee Friedman.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. We deliver effective solutions to our clients’ most important legal challenges, applying clear commercial judgment and a distinctively collaborative approach.