BPOC Completes Sale of Health-E Commerce

CHICAGO, June 18, 2024 — 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.

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.