Detroit's Rockbridge Growth Equity Announces Sale Of Purchasing Power To Flexpoint Ford

Detroit-based private equity firm Rockbridge Growth Equity announced Thursday the sale of Purchasing Power, the leading specialty e-retailer offering a voluntary benefit to companies and membership organizations across the country, to Flexpoint Ford, LLC, a private equity firm focused on the financial services and healthcare sectors.

Purchasing Power was founded in 2001 and is one of the fastest-growing voluntary benefit companies and the leader within the purchase program industry offered through employers. The company offers an employee purchasing program for name brand consumer products and services using convenient payroll deduction.

Since partnering in 2011, Purchasing Power has leveraged Rockbridge’s investment to focus heavily on the continued development of its technology platform, optimizing the customer’s experience and dramatically increasing its product offering from 400 SKUs to more than 50,000 today. These initiatives helped to more than double Purchasing Power’s revenue and triple EBITDA during the partnership.

“Our strategic partnership with Rockbridge Growth Equity has been extremely valuable for Purchasing Power,” said Richard Carrano, President and CEO of Purchasing Power. “Through this collaboration, we have increased our revenue streams, expanded our financial wellness platform and undergone rapid growth and expansion allowing us to provide customers with an even more convenient and stress-free way to purchase the items they need.”

Rockbridge Growth Equity was founded in 2007 by Brian Hermelin, Kevin Prokop and Quicken Loans and Rock Ventures Founder and Chairman Dan Gilbert. The firm invests in companies that specialize in financial and business services, consumer-direct marketing, and sports, media and entertainment industries.

Investing in growth equity and middle-market buyout transactions across various sectors, Rockbridge is active in the market assessing new opportunities and investments as well as companies to add to its portfolio. Since its inception, Rockbridge Growth Equity has invested more than $500 million of equity in its portfolio of companies.