CORRECTING and REPLACING Renovus Capital Partners Announces the Sale of Red Nucleus

WAYNE, Pa.--(BUSINESS WIRE)--First paragraph, first sentence of release dated March 25, 2020 should read: The Riverside Company (“Riverside”) (instead of Riverside Partners (“Riverside”)).

The corrected release reads:

RENOVUS CAPITAL PARTNERS ANNOUNCES THE SALE OF RED NUCLEUS

Renovus Capital Partners, a Philadelphia-area private equity firm focused on investing in education and human capital sectors, announced today the sale of Red Nucleus Enterprises, LLC ("Red Nucleus", or the "Company") to The Riverside Company (“Riverside”). Red Nucleus, with offices in the US, Europe and Asia, offers a full suite of digital learning and compliance solutions to the global life sciences industry. Renovus has retained a minority equity interest and will continue to support Riverside in its future growth initiatives. Other terms of the transaction were not disclosed.

Consistent with its focus on founder owned businesses, Renovus’ investment was the first institutional capital raise by Red Nucleus. Working in partnership with its long-term CEO, Ian Kelly, Renovus helped the Company extend its service offerings, develop new products, expand its geographical presence and complete three accretive acquisitions. Atif Gilani, Founding Partner of Renovus, said, “We are proud of the nearly 4x growth Red Nucleus achieved under our ownership and excited about the future direction of the business.”

“Renovus has been an incredible partner to me and my business, and our success would not have been possible without their strategic advice and encouragement. I’m pleased that they have chosen to stay involved for the next evolution of the Company,” said Ian Kelly, founder and CEO.

Brad Whitman, Renovus Founding Partner, noted that: “From the beginning we were big believers in Ian and his team. They had built a really talented organization with unique capabilities in digital content creation for the life sciences industry.” “Red Nucleus’s successful growth is a great testament to Renovus’ expertise in scaling small and mid-size enterprises,” added Renovus Senior Associate Grayson Harcourt.

DLA Piper served as legal counsel and Cherry Bekaert as financial advisors to Red Nucleus.

About Renovus

Founded in 2010, Renovus is an education and human capital sector focused private equity firm. Renovus is based outside of Philadelphia and manages over $500 million of committed capital through two funds. To date, the firm has acquired 25 portfolio companies and is an active investor in profitable and growing enterprises. 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 www.renovuscapital.com.

About Red Nucleus

Headquartered in Yardley, PA, Red Nucleus offers full-service design, development and management of learning and regulatory solutions. The Company’s learning division designs and develops training content and technology, from e-learning and mobile apps to virtual training and games, to efficiently convey strategy and information to global sales teams, medical liaisons, and others. The compliance division works alongside the learning division, offering a broad array of services pertaining to compliance with FDA and other regulatory requirements throughout the drug lifecycle. More information can be found at www.rednucleus.com.