Palatine has today announced a ‘significant investment’ in rapidly-growing, digital healthcare services partner Redmoor Health.听
Founded in 2017, Chorley-based听Redmoor听Health is a trusted partner of the NHS for all things digital technology.
It provides a range of digital transformation expertise from design and project management to implementation and analytics.听听
As a family-run business with a mission to improve patient outcomes and improve service delivery听Redmoor听has secured investment from Palatine鈥檚 Impact Fund, which backs听commercially driven businesses with a mission to positively impact society or the environment.听听
Redmoor represents the final investment from Palatine鈥檚 first Impact Fund, which was the UK鈥檚 first dedicated returns-focused Impact Fund raised by a mid-market private equity house and was created to invest in companies that are tackling some of the biggest issues we face in society, such as inequalities in education and jobs across UK regions, access to healthcare and climate change.听
Redmoor听Health founder and CEO Marc Schmid co-owns the business with his wife Alison and said: 鈥淲e鈥檝e grown the business to 30 staff over five years without investment but believe Palatine will take us to the next stage of our growth journey.听听
鈥淲e were approached by 13 different investors but found that Palatine best matched our values, culture and commitment to improve healthcare and the environment.听
鈥淭he pandemic highlighted the value that technology can make to听healthcare听and we look forward to accelerating our growth with Palatine as our partner.鈥�听
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Impact Fund Investment Manager Greg Holmes led the deal for Palatine alongside Partner Beth Houghton, the head of Palatine鈥檚 Impact Fund. Both will join听Redmoor听Health鈥檚 board.听
Holmes said: 鈥淢arc, Alison and the team have done an outstanding job of driving rapid growth in the business already.
“Far from taking their feet off the gas, they have a compelling growth strategy which we are excited to develop, through a focus on value enhancement, magnifying their impact and investing in the team and infrastructure.听
鈥淲e have a huge amount of experience in both the healthcare and technology sectors across our Impact and Buyout Funds, and we look forward to seeing the partnership blossom.鈥�听
The deal builds on the leading mid-market investor鈥檚 strong track record in the healthcare and digital sectors, which includes successful investments in Routes Healthcare,听tranScrip,听Veincentre,听FourNet听and Acora.听
Palatine was advised by听Cortus听(financial),听Candesic听(commercial), Hill Dickinson (legal),听Panamoure听(technology), RSM (tax) and The Quinn Partnership (management).听Redmoor听Health was advised by听Freeths听(legal)听and Shorts.听