Private equity firm the Riverside Co. has invested in BeneSys Inc.
BeneSys provides third-party administration services for employee health care and pension benefit programs for Taft-Hartley multiemployer plans. The Troy, Mich.-based company has more than 110 clients.
Riverside plans to invest in the company's technology, infrastructure and sales efforts.
THL Credit and PNC provided financing for the deal. Jones Day LLP and Deloitte advised Riverside.
The deal comes one day after Riverside announced an investment in Harvey Tool Co. LLC, a Rowley, Mass.-based tool sales group. The Cleveland and New York-based firm has made several deal announcements after closing its largest-ever fund with $1.5 billion in capital commitments in January.
Recent transactions include the firm's March deal for RS Occupational Health, and March sale of swimwear company Arena to Swiss PE firm Capvis.
Riverside's co-CEOs, Stewart Kohl and Béla Szigethy, wonMergers & Acquisitions M&A Mid-Market Dealmaker of the Year award for 2013.
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