Renovus Capital Partners said Jan. 15 that it acquired a controlling stake in Continuing Education Alliance LLC and Practicing Clinicians Exchange. Financial terms weren’t announced. Continuing Education is the corporate owner of Practicing Clinicians, of Stamford, Connecticut, which provides education for nurse practitioners and physician assistants. Berkery Noyes Investment Banking provided financial advice to PCE along with Guzowski Advisory. DLA Piper served as legal counsel and CTS as a financial advisor to Renovus.
WAYNE, Pa.–(BUSINESS WIRE)–Renovus Capital Partners, a private equity firm focused on the education, training and human capital sectors, announced today that it has acquired a controlling interest in Continuing Education Alliance, LLC and Practicing Clinicians Exchange (PCE). Based in Stamford, CT, PCE is the national leader in education for nurse practitioners and physician assistants, two of the fastest growing professions in the United States.
PCE was created in 2006 in response to a national physician shortage and growing demands in healthcare that placed NPs and PAs on the front lines of patient care. There are currently more than 234,000 licensed nurse practitioners and approximately 115,000 licensed physician assistants in the U.S. Over the past decade, PCE has created hundreds of innovative live and online continuing education activities tailored to the unique needs of this expanding, and increasingly important, group of clinicians. In 2017, PCE launched a new sponsorship platform for expanded educational opportunities for its audience.
PCE’s programs are independently developed with national medical experts and provide credits from national accrediting organizations along with university partners. These events and online offerings to participants are supported through educational grants from pharmaceutical companies committed to improving our nation’s healthcare.
PCE is led by Founder and CEO Bradley Mock. Brad has more than 25 years of experience in the medical education and pharmaceutical industry and is supported by a team of experienced scientific writers, researchers, and editors with backgrounds in medical education and content development. Brad and his team will continue to operate the company following the transaction.
Jesse Serventi, a Founding Partner of Renovus, said, “High-quality education is a critical factor in improving the standard of care and ultimately improving patient outcomes. PCE delivers this high-quality content in engaging and relevant formats which reach a large audience of clinicians. We are excited to support this promising platform through its next stage of growth.”
Brad Whitman, a Founding Partner of Renovus, added, “Brad Mock and his team have shown the capability to deliver the highest caliber CME to an audience that is eager to learn. These programs have a measurable positive impact which justifies continued educational grant support.”
“With their requisite experience and focus on education, Renovus will enable PCE to pursue organic growth and strategic acquisitions to expand outside of our current primary care and oncology focus. This expansion will allow us to reach more of these critically important clinicians that are so vital to our nation’s healthcare system,” commented Brad Mock, founder and CEO of the company.
PCE is the fifth platform company in Renovus Capital Partners II, L.P., a $300 million fund launched in 2016.
Berkery Noyes Investment Banking served as the sell-side advisor to PCE along with Guzowski Advisory. DLA Piper served as legal counsel and CTS as a financial advisor to Renovus.
Headquartered in Stamford, CT, PCE is an innovative multichannel CME company specifically focused on nurse practitioners and physician assistants. Founded in 2006, the Company provides live, home study, and online CME designed to meet the real-world clinical needs of NPs and PAs. More information can be found at http://www.practicingclinicians.com.
About Renovus Capital
Founded in 2010, Renovus Capital Partners is an education, training and human capital focused private equity firm. Renovus is based outside of Philadelphia and manages $495 million of committed capital through two SBIC funds. To date, the firm has acquired nineteen portfolio companies in areas such as educational technology, educational content, classroom instruction, corporate consulting and training, and human capital. The firm is an active investor in profitable and growing enterprises where the Renovus team, in partnership with management, seeks to create value through operational improvements, strategic growth initiatives and acquisitions. More information can be found at http://www.renovuscapital.com.