CHICAGO, June 18,
2024 /PRNewswire/ -- BPOC, one of the longest-tenured
private equity partners to middle-market healthcare businesses in
the U.S., today announced that it has completed the sale of
Health-E Commerce ("HEC" or the "Company"), a leading e-commerce
retailer of flexible spending account (FSA) and health savings
account (HSA) eligible products and telehealth services.
Founded in 2010, HEC offers over 2,500 FSA and HSA eligible
products and services from top brands and partners, as well as from
its own private label brand, Caring Mill, through the e-commerce
sites FSAstore.com and HSAstore.com. The Company simplifies the
purchasing journey for consumers with FSA and HSA benefits and
guarantees eligibility across all categories, including
over-the-counter medications, pain relief, skin and personal care,
sun protection, diagnostic products, first aid, telehealth and
more.
In 2019, BPOC partnered with HEC founder Jeremy Miller and the Company's management team
to support a period of significant investment and growth.
Preston Farrington, Chief Executive
Officer of Health-E Commerce commented, "Over the past five years,
BPOC has been an invaluable partner to us as we built our team,
invested in technology and expanded service offerings that provide
meaningful value for our third-party administrator partners and
consumers with FSA and HSA accounts. We appreciate BPOC's
collaborative partnership, resources and guidance throughout our
journey together."
"It has been a privilege to work with the Health-E Commerce team
and to support the Company through this period of impressive
growth. Health-E Commerce has consistently provided high-quality
FSA and HSA eligible products and services to its customers. Our
partnership with management and the Company's strategic progress
has strengthened that customer promise and led to great results for
the Company," said Grant Patrick,
Partner at BPOC. "We wish the team continued success".
William Blair & Company acted
as lead financial adviser to the Company on the transaction.
Raymond James also acted as
financial adviser and Paul Hastings LLP acted as legal counsel to
the Company on the transaction.
About Health-E Commerce
Health-E Commerce is a leading e-commerce retailer of FSA and
HSA eligible products and services. HEC sells over 2,500 eligible
products and services from top brands as well as its own private
label brand, Caring Mill, through the e-commerce sites FSAstore.com
and HSAstore.com. For more information, please visit
health-ecommerce.com.
About BPOC
BPOC is a Chicago-based private
equity firm that invests exclusively in healthcare companies. With
an extensive network of industry contacts and dedicated operating
executives, BPOC has a track record of successfully partnering with
companies through multiple economic and healthcare regulatory
cycles.
Founded in 1996, BPOC has completed over 60 platform investments
and has raised six funds with over $2.2
billion in total capital commitments. BPOC has invested in
numerous providers, manufacturing, outsourcing, distribution and
information technology companies through growth equity, management
buyouts and leveraged recapitalizations. For more information,
visit www.bpoc.com.
Contact:
Grant Patrick
Partner
gpatrick@bpoc.com
Tim Wheeler
Principal
twheeler@bpoc.com
Media Contact
Emily Scerbo
Prosek Partners
Pro-BPOC@Prosek.com
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SOURCE BPOC