Retirement plan administrator Blue Ridge Associates announced Thursday it has acquired Economic Group Pension Services (EGPS), combining two employee benefit service providers with complementary capabilities in equity compensation and retirement plan administration.

Blue Ridge, headquartered in Charlottesville, Virginia, was founded in 1988 and offers administration and compliance solutions for ESOPs and other tax-advantaged savings plans.

The company serves over 10,300 plans covering more than 950,000 participants, with approximately $69 billion in assets under management.

It is backed by Levine Leichtman Capital Partners, a middle-market private equity firm with a structured investment strategy and $12.7 billion in assets under management.

EGPS, founded in 1971 and based in New York, provides plan design, administration, actuarial consulting, and 3(16) fiduciary services for all types of retirement plans.

The firm employs more than 260 people and administers 7,200 plans representing $17 billion in assets.

Together, the combined entity will have a workforce of over 650 across 10 offices, overseeing more than 17,500 plans with 1.2 million participants and $87 billion in assets under administration.

Blue Ridge CEO Mark Agustin said the acquisition brings together two organizations with a shared commitment to service and technical expertise, while EGPS CEO Daniel Liss said the partnership adds scale and resources for his team.

The transaction broadens Blue Ridge's retirement plan capabilities and geographic footprint following the add-on investment by Levine Leichtman Capital Partners.