National Investment Managers Inc., a retirement plan administrator and investment manager based in New York, has acquired Pentec Inc., a pension consulting and administration firm in Southington, Conn.
Included in the $3.5 million cash and stock deal was Pentec Capital Management Inc., also of Southington. National Investment Managers paid $1.8 million in cash, $1.45 million in notes, and the balance in common stock valued at 62 cents a share.
Pentec opened in 1981 as a one-person boutique shop servicing sponsors of small, defined-benefit plans. It now services nearly 500 plans with $525 million of assets under administration. Pentec Capital Management manages about $180 million of assets.
National Investment Managers' member firms provide pension administration services, retirement planning, defined-benefit services, asset preservation, general insurance, and asset management services.
