Chicago, IL – December 7, 2016
Flexpoint Ford, LLC (“Flexpoint Ford”), a private equity firm focused on the financial services and healthcare sectors, announced that it completed the acquisition of Purchasing Power Holdings, LLC (“Purchasing Power”), an online specialty e-retailer providing a voluntary employee benefit that enables individuals to make purchases through payroll deduction, from Rockbridge Growth Equity, a Detroit-based private equity firm.
Founded in 2001, Purchasing Power is one of the fastest-growing voluntary benefit companies and the leader within the purchase program industry offered through employers. Along with a comprehensive financial wellness platform available at no cost to its clients, Purchasing Power offers an employee purchasing program for name brand consumer products and services using convenient payroll deduction. Available to approximately 8 million people as a voluntary benefit at organizations with 1,000+ employees or members, Purchasing Power is offered across more than 20 industry sectors. Its client list includes Fortune 500 companies, associations and government agencies.
“Purchasing Power has been a pioneer in voluntary benefits and employee purchase programs,” said Chris Ackerman, Managing Director of Flexpoint Ford. “We look forward to partnering with the management team to continue developing innovative solutions for employers focused on the financial well-being of their employees.”
Purchasing Power’s management team, led by Richard (“Ritt”) Carrano, will continue to lead the business. “We have built an unparalleled suite of financial wellness benefits for large employers and government agencies and are confident that Flexpoint Ford’s expertise and relationships in the financial services industry will help our business continue to grow and thrive,” said Ritt Carrano, President and CEO of Purchasing Power.
Stifel Nicolaus & Company, Inc. acted as financial advisor to Flexpoint Ford and Kirkland & Ellis LLP acted as legal counsel in connection with the transaction.
Purchasing Power, LLC, is one of the fastest-growing voluntary benefit companies in the industry, offering a leading employee purchase program for consumer products and services as well as providing financial tools and resources to improve employee financial wellness. Purchasing Power is available to millions of people through large companies including Fortune 500s, associations and government agencies. Headquartered in Atlanta, Purchasing Power is ‘Powering People to a Better Life™’ through its employee purchase program, financial literacy efforts and corporate social responsibility initiatives. For more information, visit www.PurchasingPower.com.