Online retailer Health E-Commerce recently announced that they had secured new funding from private equity firm Beecken Petty O’Keefe & Company. How much money will be given or what it will be used for still remains unclear but this is only the most recent event in what is turning out to be a very busy first quarter for the company.
In late January, three companies FSAStore.com, HSAStore.com and Caring Mill combined under their new parent company Health-E Commerce. In a press release, the company stated they made the move in order to “consolidate the online health and wellness marketplace for pre-tax health accounts, wellness benefits, advocacy, product authenticity, and consumer education.”
While change is afoot, Jeremy Miller’s role of CEO of Health E-Commerce will remain one constant for the company. Of the recent restructuring, Beecken Petty O’Keefe partner Grant Patrick stated: “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.”
Chicago-based Beecken Petty O’Keefe (BPOC) was founded in 1996 and ranks as one of the oldest venture capital companies to specialize in healthcare. David Beecken and Ken O’Keefe met at First Chicago (now JPMorgan) where they were jointly responsible for healthcare investment banking practices. Along with William Petty Jr., O’Keefe and Beecken decided to pool both their knowledge and resources and started BPOC.
With a very targeted investment strategy, the firm is able to cultivate a deeper knowledge of the healthcare industry to grow their assets. BPOC focuses primarily on buyout and recapitalization deals of middle market companies with at least $5 million in earnings.
BPOC’s knowledgeable executive team holds decades of combined-industry experience and maintains active relationships with their portfolio companies. They work closely with management teams and provide guidance on acquisition opportunities, risk assessment, and finding capital for growth and liquidity.
Beecken Petty O’Keefe have raised over $1.3 billion across four funds since their founding and recently announced they have secured $364 million of $600 million for a fifth fund. The company has invested in over forty business since their beginning, including companies that provide medical products, outsourcing services, pharmaceutical products and services and providers.