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Accruit Enhances Growth Opportunities with Strategic Sale
Accruit, a provider of real estate 1031 exchange services, has announced its strategic acquisition by Millennium Trust Company, a leading provider of health, wealth, retirement, and benefits solutions. The acquisition, effective April 19, 2023, will enable Accruit to offer its real estate 1031 exchange service solutions to over 5 million Millennium Trust clients holding more than $55 billion in assets under custody.
Following an extensive evaluation process, Accruit found the perfect match in Millennium Trust, a company with over 20 years of experience in providing access to and custody solutions for alternative asset investments, including real estate. The alignment of strategic values and services between both companies makes this acquisition an ideal move for Accruit’s growth.
Brent Abrahm, CEO and Founder of Accruit, said, “As we looked at how to best serve our current clients and grow our business, finding a company with strategic, like-minded values and service, which we found in Millennium Trust, was the right move. This acquisition isn’t about slowing down, it’s about accelerating our growth and opportunities, and extending our reach to over 5 million potential clients.”
Accruit’s unique position as a 1031 exchange Qualified Intermediary and technology solution provider makes it an attractive addition to the solutions currently offered by Millennium Trust. Accruit’s patented 1031 exchange workflow technology, Exchange Manager ProSM, simplifies and streamlines the 1031 exchange process through embedded controls, automated notifications, custom exchange agreement and document creation, and digital execution via electronic signatures.
Steven Holtkamp, Managing Director and CFO of Accruit, said, “Being part of Millennium Trust allows Accruit to exponentially expand our footprint and provide exceptional service to more people looking to maximize their financial wellbeing.”
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