M&A Deal Summary

Rainier Partners Acquires WPAS

On December 19, 2024, private equity firm Rainier Partners acquired financial services company WPAS from Periscope Equity

Acquisition Highlights
  • This is Rainier Partners’ 1st transaction in the Financial Services sector.
  • This is Rainier Partners’ 7th transaction in the United States.
  • This is Rainier Partners’ 2nd transaction in Washington.

M&A Deal Summary

Date 2024-12-19
Target WPAS
Sector Financial Services
Buyer(s) Rainier Partners
Sellers(s) Periscope Equity
Deal Type Secondary Buyout

Target

WPAS

Mercer Island, Washington, United States
WPAS manages benefit plans as a third-party administrator (TPA) serving over 150,000 union members and their dependents on behalf of top Taft-Hartley trust funds, associations, and government entities in the region. WPAS was founded in 1953 and is based in Mercer Island, Washington.

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Buyer(S) 1

Buyer

Rainier Partners

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2020
PE ASSETS 400M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Rainier Partners is a private equity firm focused on acquiring and investing in lower middle-market service-based companies. Areas of interest include business services, education, marketing, information services, financial services, consumer services, healthcare services, testing, industrial services, and engineering. Rainier Partners will consider businesses throughout North America with a preference for companies in the Western US and Canada. Prospective transaction situations include buyouts, divestitures, and turnarounds. Rainier Partners was formed in 2020 and is based in Seattle, Washington.


DEAL STATS #
Overall 7 of 8
Sector: Financial Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
State: Washington M&A 2 of 2
Country: United States M&A 7 of 8
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-11-16 Omega Fitness Holdings

Monona, Wisconsin, United States

Omega Fitness Holdings is a franchisee of Anytime Fitness clubs, with nearly 70 gyms. Omega Fitness Holdings is based in Monona, Wisconsin

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-09-04 Kleen-Tech Services

Denver, Colorado, United States

Kleen-Tech Services is a janitorial service provider specializing in interior and exterior cleaning, disinfection, high-access cleaning, and floor care services. The company operates across the country under its nine brands: Kleen-Tech, Arnold’s, National Facility Services, ARC Maintenance, Sentinel Maintenance, Peterson Cleaning, Signature Facilities, Sonoran, and IFS Group. Kleen-Tech Services is based in Denver, Colorado.

Buy -

Seller(S) 1

DESCRIPTION

Periscope Equity is a private equity firm focused on acquiring lower middle-market tech-enabled business services companies. Periscope pursues companies valued up to $40 million with $10 to $100 million in revenue. Specific areas of interest include healthcare services, marketing services, business process outsourcing, SaaS, and security services. Periscope Equity was formed in 2012 and is based in Chicago, Illinois.


DEAL STATS #
Overall 6 of 6
Sector: Financial Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 2
State: Washington M&A 1 of 1
Country: United States M&A 6 of 6
Year: 2024 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2024-11-19 Reptrak

Boston, Massachusetts, United States

Reptrak is a cloud-based corporate reputation intelligence platform providing trusted data and insights about a company’s corporate reputation and other intangible assets by measuring how stakeholders feel, think, and act toward the company. Reptrak was founded in 2004 and is based in Boston, Massachusetts.

Buy -