The business has grown rapidly since Parthenon sold a majority stake in the company to Abry Partners in 2019 for an undisclosed amount. Headquartered in Oak Brook, Illinois, Millennium Trust provides a wide range of offerings for consumers including 401(k) plans, individual retirement accounts (IRA), so-called rollover accounts, and other health and wellness services including employer-backed health savings accounts (HSA). Raymond James, Parthenon and Millennium Trust did not immediately respond to requests for comment. JPMorgan and Abry Partners declined to comment. The sources requested anonymity as these discussions are confidential. After research and testing, I came across two articles from the Royal Greenwich Observatory that set the whole thing straight. The panic came from the phrase 'exception to the exception' relating to whether or not 2000 is a leap year. Millennium Trust generates north of $500 million in 12-month earnings before interest, taxes, depreciation and amortization (EBITDA), according to the sources. I read with great interest (actually panic) Maggie Macarys article on Year 2000 compliance. Millennium Trust will also entertain the sale of a minority stake to a private equity firm, should an outright sale not be feasible, the sources said. Potential buyers could include private equity firms and financial services companies which operate custodian and asset management businesses, the sources said. Millennium Trust, which is owned by buyout firms Abry Partners and Parthenon Capital Partners, is working with financial advisors JPMorgan Chase & Co (JPM.N) and Raymond James Financial Inc (RJF.N) on the sale process, the sources said. Federal Reserve to fight inflation.Ĭredit ratings agency S&P Global Inc said last month the higher rates boost the revenue Millennium Trust receives from interest on the cash deposit balances of customers. The sale effort comes as Millennium Trust's business is buoyed by higher interest rates adopted by the U.S. retirement account custodian, including a sale that could value it at as much as $8 billion, including debt, people familiar with the matter said on Wednesday.

The private equity owners of Millennium Trust Company are exploring options for the U.S. NEW YORK, April 26 (Reuters) - (This April 26 story has been corrected to fix revenue description in paragraph 3)

The millennium saga