Benny Card Firm Makes Private Equity Deal

Genstar Capital L.L.C. now owns Evolution Benefits Inc.

Evolution Benefits, Avon, Conn., runs the Benny Card system and other health account card systems that consumers can use to draw cash from flexing spending accounts, health spending accounts and other personal benefits accounts.

Genstar, San Francisco, is a private equity firm. Some of the other companies in its portfolio are 21st Services L.L.C., Minneapolis, a firm that provides life expectancy information for the life settlement industry, and several insurance brokerages that focus on the Hispanic consumer. The firm also has invested in life science, health care services, software and industrial technology companies.

Larry Park, a Genstar executive, has been on the Evolution Benefits board since 2006.

Robert Patricelli, the chairman and founder of Evolution Benefits, and other senior managers will stay with the company, Patricelli says.