August 31, 2007 in Business

Spokane benefits company acquired

By The Spokesman-Review
 

A national company that administers employee benefits has purchased Administration Services Inc., a similar business in Spokane.

Zenith Administrators Inc. of Chicago plans to merge its Spokane office with ASI, which has 43 employees, but the local company will keep its name and clients for now, said John Corapi, Zenith president and CEO. Both firms are privately held and primarily administer Taft-Hartley Act trust funds, including overseeing health claims and pensions, he said.

Zenith had about 800 employees and 22 offices nationwide before the merger. Corapi said Zenith bought the company, which he called “phenomenally similar,” on July 6 after its prior owner, Ken Hearron, died last year.

Financial details of the deal were not disclosed.

“It’s the perfect match for us,” Corapi said, adding that the deal expands Zenith’s presence in the Inland Northwest.

Merging the offices might happen by the middle of next year, Corapi said.

Founded in 1956 as a public accounting practice, ASI was incorporated in 1972, according to the company. It started its contract with its longest-term client, the Washington-Idaho Carpenters-Employers Trust Fund, in 1957.

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