Renovus Capital Partners is closing the book on a successful healthcare technology investment, selling Pillr Health to Water Street Healthcare Partners after a five-year partnership that transformed the company.
Pillr Health operates a technology platform that helps healthcare organizations wrangle their pharmacy operations—streamlining workflows, staying compliant with regulations, and improving both financial and operational performance. It's the kind of unsexy infrastructure software that keeps complex healthcare systems running smoothly behind the scenes.
From Partnership to Platform
The growth story started in 2019 when Renovus first backed Pillr. During that ownership period, the company leveled up considerably: it expanded what its software could do, invested heavily in both technology and talent, executed multiple acquisitions to build out capabilities, and eventually rebranded under the Pillr Health name.
"Renovus was an outstanding partner throughout a period of significant growth and transformation for our company," said Skip Devanny, CEO of Pillr Health. "Their collaborative approach, deep sector knowledge, and long-term mindset helped us accelerate innovation, strengthen our platform, and better serve healthcare providers navigating an increasingly complex pharmacy environment."
Brad Whitman, founding partner at Renovus Capital Partners, returned the compliment: "Pillr Health exemplifies the type of company we seek to partner with. It is mission-driven and focused on delivering meaningful value to its customers. We are incredibly proud of the progress Pillr made during our partnership and grateful to have worked alongside such a talented management team."
Piper Sandler served as exclusive financial advisor on the deal, though neither party disclosed what Water Street paid for the business. Renovus Capital, based in Philadelphia, focuses on the lower middle market with particular attention to knowledge and talent-driven industries. The firm manages over $2 billion across multiple sector-focused funds.
