July 12, 2024

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H.I.G. Capital Completes Acquisition of Health-E Commerce

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NEW YORK — H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $64 billion of capital under management, is pleased to announce that one of its affiliates has completed the acquisition 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 services. FSAs and HSAs are tax-advantaged accounts that allow employees to set aside pre-tax money to pay for eligible health expenses.

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Founded in 2010, HEC offers over 2,500 FSA and HSA eligible products and services from top national brands and partners, as well as its own private label brand, Caring Mill, through its e-commerce sites FSAstore.com and HSAstore.com. HEC simplifies the purchasing experience 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.

H.I.G. is partnering with the current management team to support the Company’s continued growth. Preston Farrington, Chief Executive Officer of Health-E Commerce, commented, “We are excited to enter this new chapter with H.I.G. as we continue to enhance Health-E Commerce’s breadth of product and telehealth service offerings to better serve our customers. H.I.G.’s consumer and healthcare experience, combined with its significant resources, position us to continue executing upon our growth strategy and vision for the Company.”

“We are thrilled to partner with the Health-E Commerce management team, who has an impressive track record of building a best-in-class business while helping their customers capture the full benefit of these tax advantaged programs,” added John Harroff, Managing Director at H.I.G. Capital. “The Company is able to provide a trusted, frictionless customer experience through their…

Business Wire

2024-06-18 09:39:24

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