Renovus Capital Partners – a Philadelphia-area buyout firm focused on founder-owned businesses in the Knowledge & Talent industries – announced that it has closed its first multi-asset continuation fund of about $325 million. With the closing of the CV, Renovus has now raised over $1.5 billion of capital across multiple investment vehicles, marking a new milestone for the firm.
This new fund was formed to recapitalize four portfolio companies from Renovus Capital Partners, LP and Renovus Capital Partners II, LP (Fund II). Plus, the Renovus Continuation Fund makes an incremental $60 million of capital available to fund strategic acquisitions for CV portfolio companies.
The formation and funding of the Renovus Continuation Fund were anchored by leading limited partners, such as funds managed by New 2ND Capital, RCP Advisors, Blackstone Strategic Partners, Montana Capital Partners, Unigestion, and Arcano Partners, and significant rollover from the three Renovus co-founders.
The four companies in the Renovus Continuation Fund (CV Portfolio) include:
1.) Aretum – a Maryland and Virginia-based technology and specialized services provider to 20+ federal civilian and military government agencies, formed from the merger of Panum, a Renovus portfolio company, and Miracle Systems.
2.) ClinicalMind – a New York based full-service medical communication company specializing in scientific content development, strategic communications and technology solutions engaged by leading life sciences companies to help educate healthcare professionals about new and existing drugs.
3.) Lockstep Technology Group – a Georgia based technology services company providing mission critical technology infrastructure, cloud solutions and IT management consulting to education, governmental and medical entities in the Southeastern U.S.
4.) Phoenix East Aviation is a Florida-based, FAA-certified pilot training school serving domestic and international students seeking to become commercial airline pilots.
The deal enabled Renovus’ existing limited partners to realize significant gains with an opportunity to continue participating in the go-forward value creation. And as a show of confidence in the CV, the Renovus’ founders are reinvesting the entirety of their capital investment and committing additional new capital to the Renovus Continuation Fund.
Jefferies served as an exclusive financial advisor through the partnership of its Private Capital Advisory and industry-focused investment banking teams, with DLA Piper serving as Renovus’s legal counsel.
KEY QUOTES:
“The successful establishment of the Renovus Continuation Fund marks another significant milestone for Renovus as a firm. The commitments that the CV received from top-tier investors validate our investment strategy and the strength of our portfolio. At the same time, the CV was approved unanimously by existing LPs, a strong vote of confidence in our work for them to date.”
– Atif Gilani, Founding Partner at Renovus
“We are delighted to form this long-term partnership with Renovus and are excited for what the future has in store as the firm continues to build on its commitment to its business and doing well for investors.”
– Tjarko Hektor, the lead partner from New 2ND Capital
“Renovus has meaningfully grown the companies in the CV portfolio since our original investment, and we are proud of their performance. With this infusion of new capital, we look forward to continuing to build them, further prove out our investment theses and deliver superior outcomes for all our stakeholders.”
– Founding Partners Brad Whitman and Jesse Serventi
