Prominent Michigan Firm Eschels Financial Joins U.S. Retirement Partners, a National 403(b) Provider
ISELIN, N.J., Sept. 2, 2008—U.S. Retirement Partners, which recently launched as a 403(b) benefits administrator, announced today that it has acquired a prominent Michigan company to be part of its national network of providers serving the K-12 teacher market.
Eschels Financial Group of Birmingham, Mich., will continue to run its own business as part of U.S. Retirement Partners (USRP), which offers leading 403(b) regional firms a partnership in its national network. The merger provides Eschels Financial Group access to more advanced administrative products and services, broader best practices expertise, a wide array of retirement investments, sophisticated marketing tools and other resources.
Eschels Financial Group was founded by Ted Eschels in 1955. His son Randy purchased the firm in the 1980s and serves as its CEO. EFG has a longstanding 403(b) business serving southeastern Michigan with about $110 million in assets. The USRP merger also allows Eschels Financial Group the opportunity to become a Center of Excellence for its life insurance division, which was established in 1988.
“We are steadily growing our regional business. This partnership nicely fits that process,” said Randy Eschels.
USRP drew funding for this and two other recent acquisitions from Centre Partners, a leading middle-market private equity firm with offices in New York and Los Angeles.
“We are proud to welcome Eschels Financial Group to our national network. It brings with it a solid business from the Southeast Michigan market,” said Robert C. Dughi, executive chairman of the board of USRP.