FUTURE OF HEALTHCARE

Peloton Announces Growth Recapitalization of Grenova

Peloton Equity | March 22, 2022

Peloton Equity, LLC a Connecticut-based private equity firm that seeks to invest growth capital in innovative healthcare companies, announced that it has closed a growth and recapitalization investment in Grenova, Inc. a fast-growing manufacturer of green technology for the life sciences industry. Peloton, along with Hamilton Lane Impact Fund II and Morgan Stanley AIP Private Markets, invested growth capital and partnered with management and other investors to acquire a majority stake in Richmond, Virginia-based Grenova. The transaction is anticipated to enable Grenova to accelerate its sales and marketing efforts, launch additional products, and build out its presence globally. Ali Safavi, founder, president and CEO of Grenova, along with other management and certain existing shareholders will retain a significant ownership stake in the Company. Financial terms of the transaction were not disclosed.

Founded in 2014 by Ali Safavi, Grenova designs, manufactures, and distributes instruments and associated consumables to the lab industry. The Company’s technology enables its customers – clinical labs, pharmaceutical/biotech companies, research institutions, agricultural companies, and others – to wash, dry and re-use single-use plastics. Grenova’s products aim to advance healthcare toward a more sustainable future by lowering costs in the laboratory industry, reducing biohazard waste in the environment, and mitigating supply chain risk for plastic consumables.

“I am thrilled to be partnering with Peloton to help Grenova capitalize on the massive and unmet need for sustainability solutions in laboratories around the world,” said CEO Ali Safavi. “Peloton’s expertise and network will bring additional resources and business development opportunities to Grenova, and this growth-oriented transaction will help us accelerate the industry’s adoption of our innovative products and technologies.”

Peloton seeks to partner with high-growth companies like Grenova that deliver tangible and enduring value to the healthcare industry. The utilization of disposable plastics in the lab setting is rapidly growing and we are excited to support Grenova’s mission to address this unsustainable trend.” Michael O’Rourke, partner at Peloton, added, “We believe Grenova’s combination of differentiated product technology, sustainability value proposition and high-quality customer service is unique in the massive and growing life sciences tools industry. We are very excited to work with Ali and his team in supporting Grenova’s next phase of growth.”

Ted Lundberg, partner and co-founder of Peloton Equity

Crosstree served as the exclusive financial advisor to Grenova with respect to this transaction. Goodwin Procter LLP acted as legal advisor to Peloton and Williams Mullen acted as legal advisor to the Company.

About Grenova
Founded in 2014, Grenova™ is an innovative company that is revolutionizing lab consumables through high-quality waste reduction solutions. Grenova’s mission is to lower costs in the laboratory industry and reduce biohazard waste in the environment by delivering groundbreaking approaches in dealing with plastic consumables. Grenova’s existing products include the TipNovusTM family of pipette tip-washing solutions for labs such as the Automated TipNovus (ATN) Package, a fully integrated tip-washing solution; the TipLumisTM family of HEPA-filtered, temperature-controlled, UV-sanitized tip storage solutions; GrenoClean, a proprietary and scientifically validated cleaning solution; and Purus by Grenova™, a novel microwell plate cleaner launching in 2022. For more information, visit Grenova.

About Peloton Equity
Peloton Equity, LLC is a private equity firm focused exclusively on growth capital investments in the healthcare industry. Peloton was formed in 2014 as the successor firm to Ferrer Freeman & Company and invests in companies with between $10 million and $200 million of revenue that have the management team, market opportunity and business model to grow revenues significantly over the life of its investment. Peloton seeks to be a significant investor in companies with high-growth potential, driven by a clear value proposition to the healthcare industry. Peloton’s investment team has invested in over 35 unique healthcare companies and has deployed over $800 million in capital. Recent investments include AeroSafe Global, ClearSky Health, Friday Health Plans, and Journey Health & Lifestyle.

About Hamilton Lane
Hamilton Lane is a leading private markets investment management firm providing innovative solutions to sophisticated investors around the world. Dedicated exclusively to private markets investing for 30 years, the firm currently employs more than 520 professionals operating in offices throughout North America, Europe, Asia Pacific and the Middle East. Hamilton Lane has $851 billion in assets under management and supervision, composed of over $98 billion in discretionary assets and nearly $753 billion in advisory assets, as of December 31, 2021. Hamilton Lane specializes in building flexible investment programs that provide clients access to the full spectrum of private markets strategies, sectors and geographies. 

About Morgan Stanley AIP Private Markets
AIP Private Markets, an investment team within Morgan Stanley Investment Management, seeks to deliver innovative private markets solutions to a global client base. It’s built-for-purpose team of ~60 dedicated professionals draws.

Spotlight

The Albert Einstein Hospital presents a video talking about the Treatment and Rehabilitation of Parkinson's disease. Patients with Parkinson's, both those who underwent Deep Brain Stimulation Surgery and those who were not operated on, should perform Rehabilitation, according to their difficulties.

Spotlight

The Albert Einstein Hospital presents a video talking about the Treatment and Rehabilitation of Parkinson's disease. Patients with Parkinson's, both those who underwent Deep Brain Stimulation Surgery and those who were not operated on, should perform Rehabilitation, according to their difficulties.

Related News

HEALTH TECHNOLOGY

Nuance to Sell HIM Transcription and EHR Go-Live Services Businesses to DeliverHealth

Nuance Communications | November 21, 2020

Nuance Communications, Inc. today declared the arranged offer of the Health Information Management (HIM) Transcription business and the Electronic Health Record (EHR) Go-Live Services business to another autonomous organization, DeliverHealth Solutions LLC (DeliverHealth), framed by Assured Healthcare Partners® (AHP®) in association with Aeries Technology Group (Aeries). The HIM Transcription business incorporates both Nuance Transcription Services (NTS) and the eScription innovation stage. The exchange is relied upon to be finished in mid 2021. Nuance will be a minority investor of DeliverHealth and will keep on giving its innovation to the organization. The sale provides mutual strategic and commercial benefits for customers, Nuance, and DeliverHealth by: Giving existing customers continued service quality, newly expanded offerings, and enhancements from DeliverHealth in close collaboration with Nuance Enabling Nuance to focus its innovation and market resources as a pure-play conversational AI market leader while providing continuity of EHR Go-Live Services and HIM Transcription businesses to existing and new customers via DeliverHealth Empowering DeliverHealth to leverage a leading position in healthcare professional and technology-enabled services, expand global market share, advance growth plans for the EHR Go-Live and Optimization Services, and provide enhanced HIM technology and services to a worldwide market in partnership with Nuance Nuance's development and market authority in medical care are driven by the quickening appropriation and advancement of its center cloud-based AI arrangements, including the Nuance® Dragon® Ambient eXperience™ (Nuance DAX™) ambient clinical knowledge (ACI) arrangement, Nuance Dragon Medical One, Nuance CDE One, and its variety of demonstrative imaging arrangements, for example, PowerScribe One™ and PowerShare™. "The dramatic acceleration in the digital transformation of healthcare continues as organizations deploy the power of conversational AI and deeply integrated cloud-based solutions at scale to address physician burnout, expand patient access, and improve system efficiencies and the revenue cycle," said Mark Benjamin, CEO of Nuance. "With this strategic transaction, we're aligning our resources to increase our market and technical leadership position in high-growth, high-impact areas that help our customers in a transformative way to improve patient care and operational performance. At the same time, we're enabling the medical transcription and EHR Go-Live Services businesses to reach their full potential as a separate, focused company benefiting from the enhanced investment and operational experience of AHP and Aeries and technology support from Nuance." Michael Clark, current Senior Vice President and General Manager of Provider Solutions at Nuance, will become DeliverHealth's CEO when the transaction closes. "This transaction will allow the EHR Go-Live Services and HIM Transcription businesses to focus on growth and expansion of value-add solutions. The continuing strategic relationship with Nuance, the continuity of leadership, and our people's engagement will ensure that our customers will continue to receive the outstanding service, technology, and value that they have come to expect," said Michael Clark. "The combination of a deeper strategic focus, our partnership with Nuance, the commitment of our team, and the support provided by AHP and Aeries will create a winning formula for our customers and our employees." The deal exhibits Nuance's proceeding with execution to center R&D interests in the medical services and endeavor markets – where the organization has significant upper hands and open doors for development and worth creation. In 2019, for instance, Nuance sold its record imaging business to Kofax and spun-off its car business into Cerence, Inc., an autonomous, traded on an open market organization. About Nuance Communications Nuance Communications is a technology pioneer with market leadership in conversational AI and ambient intelligence. A full-service partner trusted by 90 percent of U.S. hospitals and 85 percent of the Fortune 100 companies worldwide, Nuance creates intuitive solutions that amplify people's ability to help others.

Read More

FUTURE OF HEALTHCARE

HealthyU Clinics Reinforces Commitment to Integrative Healthcare by Collaborating with evolvedMD

Shefali Vasave | June 07, 2022

Premier collaborative and proactive care provider, HealthyU has announced a collaboration with evolveMD to boost its commitment to expanding mental health care services. The partnership will enable HealthyU to leverage the VC-backed venture evolvedMD’s expertise in behavioral health to offer innovative health care in the behavioral health space. "HealthyU's goal is to model and advance the standard of integrative healthcare, and there isn't a partner out there with a better track record to help us realize this ambition than evolvedMD. Knowing that mental health is integral to physical health, this partnership will amplify our team's ability to treat the whole patient and increase access to top-tier care in the Valley." Shane Speirs, MD, Chief Medical Officer at HealthyU Clinics HealthyU launched its first clinic in Avondale in 2021, followed by a rapid scaling and expansion with six more clinics across the Valley. Patients will be able to visit an evolvedMD licensed health professional at the HealthyU clinics starting on June 23rd, 2022. "What makes HealthyU an exceptional partner is its focus on proactive innovation in primary care. We are constantly seeking out opportunities to disrupt healthcare, and our partnership with HealthyU will enable us to disrupt from the ground up with our proven collaborative care model at their new locations. This is the first time that we can scale with a partner from the beginning, and we are looking forward to seeing how this approach allows for innovation in the integrated healthcare space." Erik Osland, Co-Founder and Managing Partner at evolvedMD

Read More

HEALTH TECHNOLOGY

Trilliant Health Launches Demand Forecast to Enable Healthcare Providers to Understand Future Care Consumption at an Individual Market Level

Trilliant Health | September 22, 2021

Trilliant Health, a health care analytics company that provides evidence-based strategy for intelligent patient acquisition, today announced the launch of its Demand Forecast solution, a new predictive analytic that gives health systems novel insights into market-level healthcare-consumption trends. Developed over the last three years, Demand Forecast provides a 10-year view of the healthcare market based on a variety of claims, demographic and psychographic data. The application provides health system strategy teams with a deep understanding of the relationship between consumer demand in a local market and the supply of healthcare providers available to serve that demand. Health systems operate in a negative-sum game, and winning that game requires a sophisticated solution that can be translated to strategic planning – free of friction. Health systems must be able to trust that the solution is built around the uniqueness of their market, not modeled from a national view. An effective solution must not restrict discovery to predefined views, but should instead allow its user to construct scenarios, based on the local market realities. Most importantly, a solution should fit into the user’s process, not the other way around. Trilliant Health's new Demand Forecast solution does just that. Jason Nardella, SVP of Predictive Analytics at Trilliant Health Trilliant Health developed Demand Forecast with the understanding that health systems must have data analytics that power immediate insights into the uniqueness of each market in which they operate, delivering them with unmatched fidelity and specificity. As a result, Demand Forecast allows strategists to drill into specific service lines and procedures related to their strategic planning initiatives, giving them the ability to understand which consumers are driving growth across gender, age, location, and care behavior (incidence rate). These insights allow strategy teams to better understand, target and quantify the forecasted impact on their system. Demand Forecast is specifically engineered to allow users to interpret a range of scenarios using confidence intervals. The confidence intervals empower users to measure different outcomes and incorporate their comfort level or risk aversion to the strategic initiative at the heart of a forecast. Demand Forecast also offers "grab and go" visuals that are presentation ready. However, as different provider organizations have varying needs, the application also comes with a one-of-a-kind "build your own" capability, enabling customized forecast visualizations and data outputs in real time. As COVID-19 continues to disrupt the healthcare economy, health systems are eager to implement first-class data analytics platforms that predict the constantly changing market dynamics in healthcare, providing them with stability and opportunities for future growth. Trilliant is already trusted by more than 50 of the top U.S. health systems. The company recently published its landmark report, “2021 Trends Shaping the Post-Pandemic Health Economy,” which includes an in-depth look into the U.S. health care system’s supply-and-demand issues. About Trilliant Health Trilliant Health is an analytics and data science company that provides Evidence-based Strategy for Intelligent Patient Acquisition™. By synthesizing a variety of first-party and third-party data sets, Trilliant Health provides a comprehensive view into market dynamics that enables healthcare providers to find the most efficient and effective solutions for growth in their markets.

Read More