A pioneer in health care ecommerce now has a brand new owner.
H.I.G. Capital has acquired Health-E Commerce, operator of websites FSAstore.com and HSAstore.com, in addition to the Caring Mill private label brand of health care products.
Founded in 2010, Health-E Commerce offers over 2,500 FSA and HSA-eligible services on its ecommerce sites. Those offerings cater to consumers who could make purchases using flexible spending accounts.
The web retailer carved out a successful area of interest in health care ecommerce by simplifying the purchasing experience for consumers with FSA and HSA advantages, guaranteeing eligibility across quite a lot of categories. Those include:
- Over-the-counter medications
- Pain relief
- Skin and private care
- Sun protection
- Diagnostic products
- First aid
- Telehealth
The corporate didn’t publicly release the terms of the deal.
“We’re excited to enter this recent chapter with H.I.G. as we proceed to reinforce Health-E Commerce’s breadth of product and telehealth service offerings to higher serve our customers,” says CEO Preston Farrington. “H.I.G.’s consumer and healthcare experience, combined with its significant resources, position us to proceed executing upon our growth strategy and vision for the corporate.”
Based in Miami, H.I.G. Capital is an investment firm with $64 billion of capital under management.
Prior to the sale to HIG Management, Health E-Commerce was managed by BPOC, a Chicago-based private equity firm that invests exclusively in health care corporations.
William Blair functioned as financial advisor to Health-E Commerce, a portfolio company of BPOC, in reference to its sale to H.I.G. Capital. The transaction was signed on May 4, 2024, and closed on June 17.
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