One of the biggest consolidators in the third-party administration (TPA) business has found itself being acquired.

Funds managed by Stone Point Capital, along with GIC, Singapore’s sovereign wealth fund, have entered into an agreement to purchase Ascensus from its current private equity ownership group led by Genstar Capital, Aquiline Capital Partners, and Atlas Merchant Capital. Genstar Capital and Aquiline Capital Partners will maintain a minority stake in Ascensus after the sale.

The transaction is expected to close in the third quarter of 2021.