Friday, July 30, 2010

Genstar Capital Buys Evolution Benefits

San Francisco-based private equity firm Gentar Capital said Thursday that it has acquired Evolution Benefits, a healthcare benefit card payment service. Financial terms of the buy were not disclosed. Evolution Benefits provides payment cards for Flexible Spending Accounts (FSAs), Health Reimbursement Accounts (HRAs), Health Spending Accounts (HSAs) and Qualified Transportation Accounts (QTAs), either as prepaid Visa or Mastercard cards. Genstar said it will maintain the entire executive team of Evolution Benefits.