The Vistria Group Financial Services Team Continues Strong Momentum with Second Deal in 6 Months
Announces Flores Deal at the Intersection of Health Care and Financial Services following investment in The Mather Group
Chicago, IL, September 29, 2022 — The Vistria Group today announced an investment in Flores & Associates LLC (Flores or the “Company”), a leading provider of benefit technology solutions and administrative services to employers throughout the United States. This transaction represents the ninth investment from Vistria Fund IV, a $2.68 billion fund, and the second financial services investment this year, following The Vistria Group’s investment in The Mather Group in March.
As part of the transaction, The Vistria Group and Century Equity Partners will hold equal ownership in the Company and continue to back the current management team, led by Gary Trainor and Jody Oliver. This announcement represents The Vistria Group’s continued momentum as a valued partner in the financial services space and highlights the Firm’s broader theme of financial wellness by helping employees optimize their benefits through administering consumer direct spending accounts.
“We look forward to working with The Vistria Group while continuing our partnership with Century. Flores has proven its ability to be a best-in-class solution for our clients. We strive to be both the most admired benefits administration provider and the most admired partner and acquiror to downstream players in the space,” says Jody Oliver, CEO of Flores & Associates LLC.
The Charlotte, N.C.-based Company is a premier administrator of employer-sponsored reimbursement plans, providing a suite of integrated benefits solutions independent of any insurance carrier. The Company combines high-touch service, best-in-class productivity and innovative proprietary technology to deliver complete plan design and compliance support for reimbursement plans, COBRA, FMLA leave management, and direct bill programs. Flores has established itself as a preferred partner to thousands of businesses and continues to grow nationally. The Company has successfully completed seven acquisitions since 2021 and continues to maintain strong relationships across regional and national brokers.
“We are excited to work with Jody, Gary, Century and the rest of the Flores team. We have been impressed by the platform’s proven history of strong organic growth, driven by their high-quality service and flexible, customizable technology. We look forward to partnering with them for their next phase of growth,” says Boris Rapoport, Partner and Co-Head of Financial Services at The Vistria Group.
The rising cost of healthcare, the growing demand from employees for more benefit options, better decision support and ease of use, as well as the responsibility for benefits election increasingly borne by employees, have driven the need for consumer facing platforms that assist in complex account administration processes. Over the years, Flores has been a successful acquiror in the space, consolidating smaller players into one, seamless, technology platform and providing an increasingly broad suite of products for their clients.
“Flores’ client-centric model and broad product offering have led to a remarkably loyal client base and have made Flores a partner of choice for businesses looking to work with leaders in the space. We are proud to partner with such a strong team and reputable brand,” says Michael Castleforte, Partner and Co-Head of Financial Services at The Vistria Group.
The Vistria Group leverages its operational resources to support its portfolio companies, now including Flores, to help them scale and expand opportunities. Flores has been a successful acquiror in the space, consolidating smaller players into one seamless technology platform and providing an increasingly broad suite of products for their clients. The Vistria Group’s involvement will provide Flores with a capital structure to grow, both organically and through further M&A in the space.
About Flores & Associates
Flores is a premier administrator of employer-sponsored reimbursement plans including Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), Health Reimbursement Accounts (HRAs) and Commuter Benefit Accounts (CBAs) as well as Life Balanced lifestyle reimbursement accounts and Student Loan Repayment Assistance. In addition to these account-based benefit options, Flores also handles COBRA and other direct bill services to meet the compliance needs of employers. In 2022, Flores launched a full suite of compliance solutions including Premium Only Plan (POP) administration, Wrap SPDs, Form 5500 preparation, and an HR Compliance Center. Based in Charlotte, NC, Flores has emerged as a leader in the CDHP market through a service model founded upon innovative technology, dedicated professionals, and an uncompromising commitment to remarkable service experiences. For more information, visit the Flores website and follow them on LinkedIn.
About The Vistria Group
The Vistria Group is building a new kind of private investment firm that seeks to deliver both financial returns and societal impact. It invests in essential industries like healthcare, knowledge & learning, and financial services that deliver value for investors as well as communities, employees, and consumers. The Vistria Group works as a true partner with its portfolio companies, drawing on its deep sector knowledge, operational expertise, unique network, diverse team, and impact orientation to achieve transformational growth. With over $8 billion in AUM, The Vistria Group believes it has delivered attractive returns for its investors while achieving positive outcomes for its portfolio companies, and the lives and livelihoods it supports.