National Investment Managers Inc., a New York retirement plan administration and investment management company, announced last week that it has closed its purchase of Pension Alliance Inc. of Harrisburg, Pa.
Processing Content
The acquisition was valued at $4.6 million, with $3.25 million paid in cash, $675,000 in notes, and $675,000 in common stock at a price of 62 cents a share.
Pension Alliance, which has offices in Philadelphia, Baltimore, and Boston, offers third-party administration to firms providing retirement planning services to small-business owners. It serves about 1,000 plans and has $1 billion of assets under administration.
The acquisition, National Investment Managers' ninth, brought its assets under administration to $9 billion.
