H.I.G. Capital, a global alternative investment firm with $64 billion of capital under management, through one of its affiliates, completed the acquisition of Health-E Commerce, (HEC) an e-commerce retailer of flexible spending account (FSA) and health savings account (HSA) eligible products and services.
H.I.G. is partnering with the current management team to support the company’s continued growth. “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,” Preston Farrington, CEO of Health-E Commerce, said. “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,” John Harroff, managing director at H.I.G. Capital, said. “The company is able to provide a trusted, frictionless customer experience through their close partnerships with third party plan administrators (TPAs). We see tremendous opportunity for continued growth and look forward to working with the team to build upon their success to-date.”
BofA Securities, acted as financial advisor, and Latham & Watkins provided legal advice to H.I.G. Capital. William Blair and Raymond James acted as financial advisors, and Paul Hastings acted as legal counsel to the company on the transaction.
