Renovo Solutions Receives Growth Investment from Water Street Healthcare Partners

January 12, 2022 – Renovo Solutions announced 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. 

“I’m very excited about the steps we’re taking to advance Renovo and our one-of-a-kind offering,” Sandy Morford, co-founder of Renovo said. “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 of 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. 

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