Renovo Solutions received a growth investment from strategic health care investor Water Street Healthcare Partners, who will also serve as a new collaborator, to expand its solution offerings.
Renovo 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.
“I’m very excited about the steps we’re taking to advance Renovo and our one-of-a-kind offering,” says Sandy Morford, co-founder of Renovo. “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.”
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
To spearhead the company’s expansion, Renovo and Water Street partnered to recruit Newell to serve as CEO. An experienced healthcare leader, 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
“I am very proud to work with Sandy, Renovo’s co-founders and the entire team to advance the company’s mission,” says Newell. “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.”
Newell will join Morford on Renovo’s board of directors. In addition, Morford will dedicate his time to working with Renovo’s national network of customers, serving as chief commercial officer.