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CIP Capital invests in pretax benefits administrator Benefit Resource

CIP Fund Management LLC, or CIP Capital, closed a strategic investment in Rochester, N.Y.-headquartered pretax benefits administrator Benefit Resource Inc.

In relation to the transaction, co-founders Tony DiBarnaba and Tom Guiler have shifted to advisory roles, while current COO Jason Hall has been appointed CEO.

CIP is a middle-market private equity firm investing in the business information and technology-enabled services markets.

Raymond James & Associates Inc. was the exclusive financial adviser to Benefit Resource, while Nixon Peabody LLP and Boylan Code were its legal advisers. Willkie Farr and Gallagher LLP was legal adviser to CIP.