Renovo Solutions Receives Growth Investment from Water Street Healthcare Partners

IRVINE, Calif., Jan. 11, 2022 /PRNewswire/ -- Renovo Solutions announced today that it has received a growth investment from strategic health care investor Water Street Healthcare Partners. One of the only national providers focused exclusively on managing health care and life sciences equipment and technology, Renovo will collaborate with Water Street to expand its unique offering. The company also announced that it has recruited Bill Newell, a longtime executive who has served in leadership positions with Cardinal Health, Baxter and Dentsply Sirona, to join its leadership team as chief executive officer.

Sandy Morford, co-founder, Renovo, said:
"I'm very excited about the steps we're taking to advance Renovo and our one-of-a-kind offering. My colleagues, Haresh Satiani, Joe Happ, Don Carson, and I founded this company with a clear mission: to reinvent the concept of medical and life sciences equipment management. We have accomplished this and so much more. Bill and the Water Street team are the ideal partners to help us build on our strong foundation, expand our innovative customer solutions and take Renovo to the next level."

Growth Investment
Already growing at a double-digit pace, Renovo plans to leverage Water Street's investment, health care expertise and network of resources to:

• expand its offering dedicated to supporting health care and life sciences organizations with managing their clinical and research and development equipment
• enhance the company's proprietary computerized management system that provides data and cost transparency to help customers manage their equipment assets
• extend its national footprint currently reaching 37+ states into additional U.S. markets and key international markets
• grow its customer base, currently comprised of 300+ hospitals, integrated health systems and biopharmaceutical organizations

CEO Appointment
To spearhead the company's expansion, Renovo and Water Street partnered to recruit Bill Newell to serve as CEO. An experienced health care leader, Mr. Newell has a strong track record of growing global businesses and building high-performance teams. Highlights include:

• most recently serving as a member of the executive team at Dentsply Sirona, the world's largest manufacturer of professional dental products and technologies
• developing and leading growth and customer retention strategies as executive vice president of sales and marketing for Cardinal Health
• various roles with Baxter and American Hospital Supply Corporation across their medical, surgical and laboratory diagnostics businesses

Bill Newell, CEO, Renovo, said:
"I am very proud to work with Sandy, Renovo's co-founders and the entire team to advance the company's mission. Renovo's people, innovative technology solutions and commitment to going above and beyond on behalf of its customers are unmatched. Working together, we will invest to expand and enhance Renovo's capabilities to address the full spectrum of customers' constantly changing needs in managing their technology assets."        

Next Steps
Mr. Newell will join Mr. Morford on Renovo's board of directors. In addition, Mr. Morford will dedicate his time to working with Renovo's national network of customers, serving as chief commercial officer. Joe Happ and Haresh Satiani will continue to serve in their leadership roles.

About Renovo Solutions
Renovo Solutions was founded in 2009 to provide health care and life sciences technology management (HTM) programs that deliver structured, transparent and customer-focused equipment support services to health care and biopharmaceutical sites nationwide. Renovo Solutions currently has technology management programs at more than 300 locations across 37+ states. The company's cost transparency and consultative approach to equipment service and management deliver a paradigm shift from typical service models. Renovo, which is Latin for "renew," aims to reinvent the concept of equipment management. For more information, visit www.renovo1.com.

About Water Street
Water Street is a strategic investor focused exclusively on health care. The firm has a strong record of building market-leading companies across key growth sectors in health care. It has worked with the world's leading companies on its investments including Humana, Johnson & Johnson, Medtronic and Walgreen Co. Water Street's team is comprised of industry executives and investment professionals with decades of experience investing in and operating global health care businesses. The firm is headquartered in Chicago.

SOURCE RENOVO Solutions