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Renovus Capital Partners Acquires
Image Process Design, an IT Solutions Provider
Founded in January 2010, Renovus Capital Partners is a $185 million, education-focused private equity fund based in Wynnewood, PA, a suburb of Philadelphia. Renovus invests in small and mid-sized businesses within the education, training and human capital sectors, including both educational institutions and companies that provide these institutions with technology, content and services as well as corporate training, consulting and outsourcing businesses. The Fund is particularly interested in growth-oriented businesses, and the Renovus team actively partners with management to build its portfolio companies through acquisitions, new strategic initiatives and operational improvements. The Renovus team has a combined 50+ years of experience investing in the education and training sectors and the founding partners have been working together since 2005. Renovus is a licensed SBIC.
 
 
 
 
Brad Whitman
Brad.whitman@renovuscapital.com
646.660.4040
Atif Gilani
Atif.gilani@renovuscapital.com
917.340.2173
Jesse Serventi
Jesse.serventi@renovuscapital.com
484.416.0856
Fred Hill
Fred.hill@renovuscapital.com
973.493.0868
Bill Landman
William.landman@renovuscapital.com
610.896.3000

 




Wynnewood, PA January 11, 2016 - Renovus Capital Partners (“Renovus” or the “Fund”) announced today the acquisition of Image Process Design, LLC (“IPD” or the “Company”).  IPD is a software company headquartered in Bloomfield Hills, MI. As part of the transaction, Renovus acquired a majority stake in the business with the founder and CEO retaining a significant interest in the Company.

Founded in 1991, IPD provides enterprise content management solutions to healthcare, insurance and financial companies, under its Ultera brand. The Company’s consultants and developers work with clients to implement fully packaged mission critical technology systems that support their core operations. IPD then works with customers on an ongoing basis to adapt the system to changing business needs through recurring maintenance contracts and service projects. As a result, customers report significant strategic and operational efficiency improvements in the form of increased revenue, improved customer relationships, reduced claims processing times and better workflow management. Under its new partnership with Renovus, IPD intends to accelerate growth through additional investments in R&D and sales and marketing, as well as by partnering with Prime Technology Group (“Prime”), a Renovus portfolio company.  

“We are very excited to partner with the Renovus and Prime teams,” noted Steven Racine, IPD’s founder and CEO. “Through this transaction, we will have the resources to better capitalize on the continued trend of outsourcing IT functions, especially in the mid-market enterprise space.”

“Steven has built a high-quality business with incredible customer relationships,” added Atif Gilani, a Renovus founder. “We spent a significant amount of time speaking with customers and came away very impressed with their reviews of the Ultera product and IPD’s support capabilities. This level of customer satisfaction is reflected in the Company’s exceptional client retention and significant recurring revenue.”

“In a marketplace where IT systems are becoming increasingly industry specialized, IPD’s focus on specific verticals represents a unique opportunity to partner with a strong management team well-positioned in an attractive market,” concluded Atif Gilani.

DLA Piper advised Renovus while Signal Hill advised IPD on the transaction.

 

Renovus Capital Partners Portfolio
The Ariel Group is a provider of training programs that teach leadership and communications skills to mid- and senior-level executives.
Atomic Learning trains teachers and students on how to use a wide range of education-related software applications through an online platform with more than 50,000 individual tutorials.
Dolinka Group, LLC is a provider of consulting services to K-12 schools with a focus on school facility planning and funding.   
EDIC College is a career college offering associate’s degrees and certificates in a variety of health-related fields at three campuses in Caguas, Puerto Rico.
EMS is a medical simulation solutions provider to medical and nursing schools and hospitals. The Company designs, installs, and supports the technology platform that records and manages the activities occurring within medical simulation centers.
Hillsboro Aero Academy is a provider of ab initio pilot training to domestic and international students. The Company offers a variety of training programs for both fixed wing and helicopter pilots and has approximately 450 students across its three campuses in Oregon.
Linkage offers a variety of leadership training programs for senior and high potential executives of large companies, covering such areas as organizational development, innovation, team assessment and women in leadership.
Phoenix East Aviation is a provider of ab initio training for U.S. and international students seeking to become commercial pilots.  The school has approximately 300 students at its single campus in Daytona Beach, Florida.
Prime Technology Group is a provider of customized software solutions and mission critical IT services to insurance, healthcare and other companies that provide web-enabled services.  
South College of Tennessee is a private sector university offering a variety of degrees in health, legal, education and business, including a Master’s level program in Physician’s Assistant and a Doctoral level Pharmacist program. (exited)
Stratus Prep is a provider of admissions counseling and test prep services to students applying to professional, graduate and undergraduate schools.  The Company delivers these services through a network of counselors who are all graduates of top business schools, many of whom have prior experience working in admissions departments at elite institutions. 
Telemedia, Inc is a provider of technical training content and programs for large industrial companies around the world.  Delivered both online and in-person, these programs train industrial workers to maintain and operate complex machinery, observe proper safety precautions and comply with government regulations.  
Versifit Technologies is a leading provider of end-to-end data warehousing and analytic reporting solutions to school districts throughout the United States. Renovus supported its existing portfolio company, Atomic Learning, in its acquisition of Versifit in July 2015.  

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