Vistria Completes Majority Recapitalization of USRBP

Technology & Services

Vistria, majority recapitalization of USRBP, a portfolio company of Kohlberg


The Vistria Group, LP (“Vistria”) recently made a significant strategic investment in U.S. Retirement & Benefits Partners (“USRBP”), a portfolio company of Kohlberg & Company, LLC (“Kohlberg”).

Baird served as the financial advisor to Vistria on this transaction.


Vistria is building a new kind of private investment firm that seeks to deliver both financial returns and societal impact. Vistria invests in essential industries like healthcare, knowledge and learning, financial services and real estate that deliver value for investors as well as communities, employees, and consumers. With over $10 billion in AUM, Vistria 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. Vistria is headquartered in Chicago, Illinois.

USRBP is one of the nation's largest independent, national financial services firms specializing in employee benefit and employer-sponsored retirement plans in the K-12 public school, governmental, corporate, and non-profit markets. Through partnering with 54 regional firms throughout the United States, USRBP serves over 15,000 employer groups with 3.5 million participants. USRBP is headquartered in Iselin, New Jersey.

Kohlberg is a leading United States middle market private equity firm. Over the firm's 36-year history, Kohlberg has organized 11 private equity vehicles totaling in aggregate over $14 billion. Since inception, Kohlberg's private equity investments have generated over $10 billion in realized returns with no realized losses since 2007. Kohlberg invests in leading middle market businesses that are identified through its rigorous White Paper Program in its six core practice areas. Kohlberg is based in Mount Kisco, New York.
Technology & Services

Vistria, majority recapitalization of USRBP, a portfolio company of Kohlberg

July 2023
The Vistria Group, LP
M&A - Buyside
Technology & Services
Business Process Outsourcing
Target Geography
North America