"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.
About Purchasing Power Holdings, LLC
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.
About Flexpoint Ford, LLC
Flexpoint Ford, LLC is a private equity firm dedicated to the financial services and healthcare sectors. Flexpoint Ford seeks to build relationships with executives and companies who look for Flexpoint Ford to be a value-added partner. Flexpoint Ford manages approximately $2.2 billion in capital (including current commitments) on behalf of its limited partners. For more information about Flexpoint Ford, please visit www.flexpointford.com.
Contact: Kara O'Brien
Flexpoint Ford, LLC
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SOURCE Flexpoint Ford, LLC