Renovus Capital Partners, a Philadelphia-area private equity firm, announced today that it has signed a definitive agreement to sell its portfolio company Clinical Education Alliance (CEA), a provider of interactive live and web-based certified continuing medical education (CME) activities and related training for healthcare professionals. Renovus' majority stake was acquired by the The Riverside Company (Riverside). Renovus will remain a minority investor and continue to support the growth and mission of CEA.
CEA's content is delivered through in-person or virtual events developed by on-staff scientific experts. The Virginia-based company is the leader in the development of innovative virtual and live continuing medical education. CME allows healthcare practitioners to learn and discover novel treatments and updates in medical science, all with the goal of helping better treat patients, and to stay compliant with various regulatory requirements.
Jesse Serventi, Founding Partner of Renovus, said, "Under our ownership, CEA transformed from a niche, founder-owned business into one of the largest, most trusted CME providers in the U.S. We have truly enjoyed working with the exceptional CEA management team to reach this outcome."
"Renovus has been valuable to CEA, assisting in our acquisition strategy and helping to recruit strong talent. They are a great partner for the journey of building a business, and I look forward to continuing our relationship through their ongoing investment in the company," said Dan Cox, CEO of CEA.
Brad Whitman, Founding Partner of Renovus, added, "We are grateful for the opportunity to have partnered with CEA's exceptionally talented team and are proud of the more than 5x growth the business has achieved during our ownership period. We know CEA has found a great home in Riverside, and we look forward to continuing to support the company."
Cain Brothers served as the sell-side advisor and DLA Piper served as legal counsel to CEA. Jones Day served as legal counsel to Riverside.
About Clinical Education Alliance
CEA is the global leader in the development of innovative enduring, virtual, and live continuing medical education. Integrating personalization and moderated social media, CEA provides medical and healthcare education and information for the entire healthcare team with the goal of improving patient outcomes. The leadership of CEA has pioneered the creation of continuing education and decision support resources for healthcare professionals both in the United States and around the globe for more than two decades. For more information, visit clinicaleducationalliance.com.
About Renovus Capital Partners
Founded in 2010, Renovus Capital Partners is a private equity firm specializing in the Knowledge and Talent industries. Renovus, from its base in the Philadelphia area, manages $600 million across several investment vehicles. The firm's current portfolio includes over twenty U.S. based businesses in the education, training, IT services and B2B healthcare services markets. Renovus typically partners with founder led businesses, leveraging its industry expertise and access to debt and equity capital to make operational improvements, pursue tuck-in acquisitions and oversee strategic growth initiatives. More information can be found at renovuscapital.com
