By David French and Greg Roumeliotis
NEW YORK, Oct 2 (Reuters) – The private equity owners of Ascensus have hired investment banks for an initial public offering (IPO) of the savings services provider that could value it at around $3 billion including debt, three people familiar with the matter said on Friday.
Majority-owned by Genstar Capital and Aquiline Capital Partners, the buyout firms selected Barclays Plc BARC.L and Goldman Sachs Group Inc GS.N to prepare Ascensus for the stock market listing that will take place in mid-2021, subject to market conditions, the sources said.
Genstar, Aquiline and the banks declined to comment. Ascensus did not respond to a request for comment. The sources spoke on condition of anonymity as the information is private.
Based in Dresher, Pennsylvania, Ascensus partners with financial institutions, governments and companies to service a raft of savings plans, including for retirement, 529 college funds and