Mini-plan manager roll-ups

National Investment Managers Inc., Dublin, Ohio, has bought 5 small Philadelphia-area retirement-plan managers and 12 in other parts of the country since 2005. "They're buying these businesses opportunistically, and they're finding a number in your area," said spokesman Jeffrey Myhre.
  National Investment trades over the counter as NIVM, and sellers have been paid in a mix of cash, notes and shares. Today it closed a $2.4 million deal for Marina Del Rey-based California Investment Annuity Sales, with $81 million in assets under management, brings NIM's total to $875 million.
  Local deals include:
  2005: Complete Investment Management Inc., Philadelphia, as part of a stock deal for Duncan Capital Financial Group Inc. Also Stephen H. Rosen & Associates, Haddonfield, for $3 million in cash and notes, and Haddon Strategic Alliances Inc., for $500,000 in stock.
   2006: Valley Forge Enterprises Ltd., with its affiliates, for $3.2 million in cash, plus stock.
   2007: Benefit Dynamics Inc., Cherry Hill, for $500,000 in cash and notes. Also, Pension Alliance, Harrisburg, for $4 million in cash and notes, plus stock.
   Financial roll-ups have a mixed history. National Investment shares trade in penny-stock range, 60 to 70 cents a share. CEO Steven Ross, announcing the California deal, said "organic growth plus continuing acquisitions (will) continue despite current nervousness in the financial markets."