Key Takeaways
- • Millennium Trust Company, LLC completed its acquisition of Accruit Holdings LLC on April 19, 2023, adding a Qualified Intermediary and technology provider for real estate 1031 exchanges to its alternative asset offering.
- • Accruit, headquartered in Denver with more than 20 years in the 1031 exchange industry, brings its patented Exchange Manager Pro software to Millennium Trust's institutional and individual clients.
- • Millennium Trust reports more than $55 billion in assets under custody and frames the deal as part of its health, wealth, retirement and benefit strategy, following its 2022 acquisition of PayFlex.
- • The transaction was announced by Millennium Trust CEO Dan Laszlo, Chief Commercial Officer Erik Beck, and Accruit CEO Brent Abrahm, who each emphasized integration of 1031 exchange services with existing alternative asset custody.
Summary
Millennium Trust Company, LLC, based in Oak Brook, Illinois, completed its acquisition of Accruit Holdings LLC on April 19, 2023, according to a company press release distributed via Newswire.com. Millennium Trust describes itself as a provider of health, wealth, retirement and benefit solutions, and reports more than $55 billion in assets under custody. The company said the deal will give institutional and individual clients access to Accruit's facilitators for all types of 1031 exchanges, a tax deferral strategy used when selling and buying real estate held for business or investment.
Accruit, headquartered in Denver, is an independent Qualified Intermediary and technology service provider with more than 20 years in the 1031 exchange industry. The firm states it specializes in forward, reverse, build-to-suit and improvement, and non-safe harbor reverse exchanges. Its patented workflow software, marketed as Exchange Manager Pro, is offered as both SaaS and back-office solutions. Millennium Trust said clients will be able to use the platform to pursue 1031 exchange tax benefits and defer taxes on gains from the sale of qualifying real estate.
Millennium Trust CEO Dan Laszlo said more investors are turning to alternatives such as real estate to grow retirement savings and income, making 1031 exchanges a valuable wealth management tool. Erik Beck, Chief Commercial Officer, said Accruit's boutique-style service across a large volume of exchanges distinguishes it from other intermediaries. Accruit President and CEO Brent Abrahm said the companies' retirement and wealth focus aligns with his firm's offering.
The acquisition extends Millennium Trust's alternative asset custody business, which the company says it has operated for more than 20 years, including real estate. It also follows the company's 2022 acquisition of PayFlex, a provider of health savings accounts and other consumer-directed benefits. The companies did not disclose the purchase price in the announcement.
Accruit, headquartered in Denver, is an independent Qualified Intermediary and technology service provider with more than 20 years in the 1031 exchange industry. The firm states it specializes in forward, reverse, build-to-suit and improvement, and non-safe harbor reverse exchanges. Its patented workflow software, marketed as Exchange Manager Pro, is offered as both SaaS and back-office solutions. Millennium Trust said clients will be able to use the platform to pursue 1031 exchange tax benefits and defer taxes on gains from the sale of qualifying real estate.
Millennium Trust CEO Dan Laszlo said more investors are turning to alternatives such as real estate to grow retirement savings and income, making 1031 exchanges a valuable wealth management tool. Erik Beck, Chief Commercial Officer, said Accruit's boutique-style service across a large volume of exchanges distinguishes it from other intermediaries. Accruit President and CEO Brent Abrahm said the companies' retirement and wealth focus aligns with his firm's offering.
The acquisition extends Millennium Trust's alternative asset custody business, which the company says it has operated for more than 20 years, including real estate. It also follows the company's 2022 acquisition of PayFlex, a provider of health savings accounts and other consumer-directed benefits. The companies did not disclose the purchase price in the announcement.
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