It’s been a busy first quarter for a veteran and niche online retailer of healthcare products based in New York City.
In the past few months, the online retailer has launched a new holding company and on Friday announced new funding raised from a well-known healthcare investment firm.
But how Health E-Commerce, the new parent company of FSAStore.com and HSAStore.com, will use the new funding from Beecken Petty O’Keefe & Co., and how much money Health E-Commerce will receive, is unknown. Other than issuing a general industry notice, Health E-Commerce and Beecken Petty O’Keefe & Co. aren’t releasing many details.
What is known is that Health E-Commerce CEO Jeremy Miller will remain in the company’s top management role and “remains a meaningful shareholder in the business.”
Beecken Petty O’Keefe is a 23-year-old Chicago private equity management firm that says it invests “in middle-market buy-out transactions, recapitalizations, and growth platforms exclusively in the healthcare industry.” The company says it has raised four funds with aggregate capital commitments of over $1.3 billion.
Beecken Petty O’Keefe invests primarily in healthcare providers and companies that offer medical products, healthcare outsourcing, and pharmaceutical products and services. The company lists about two dozen medical products in its investment portfolio, beginning with Seacoast Technologies Inc., Portsmouth, New Hampshire, a developer of products that provide localized brain cooling to patients with compromised neurological tissue;and The Hygenic Corp., an Akron, Ohio-based manufacturer and distributor of rubber, latex and synthetic products for the physical rehabilitation, dental and specialty healthcare sectors.
Health E-Commerce is Beecken Petty O’Keefe’s latest addition to its medical products investment segment. “The company is well positioned to respond to growing consumer demand for more innovative health benefits and to capitalize on the rapid expansion of the health and wellness benefits space,” says Beecken Petty O’Keefe partner Grant Patrick.
On Jan. 22, Health E-Commerce launched the new parent company “to consolidate the online health and wellness marketplace for pre-tax health accounts, wellness benefits, advocacy, product authenticity, and consumer education.”
Health-E Commerce is made up of FSAstore.com, HSAstore.com and Caring Mill, a private-label line of health products introduced in 2017.
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